he hopes the royal commission will bring a change in the landscape. —— is his truck. ange in the landscape. -- is his truck. if you have ever gone looking for a car, it is not an easy prop that. if you have gone looking for a used car, things get trickier. —— prospect. this is a small singaporean start up aiming to change the second—hand car market place i changing car dealerships of the future. —— by changing. we have more. forget buying a soft drink, these days, giant vending machines can spit out a new ford or ferrari with just a simple swipe of your smartphone. some people are predicting traditional card —— car dealerships could change. this is a singaporean entrepreneur. three yea rs singaporean entrepreneur. three years ago he founded an on line marketplace for used cars. he has raised billions of dollars from investors. you have to ask yourself, why do i need so much space for a dealership? each and every one of the customers who walks in does not need it. is this the end of the car dealership? no, it will evolve. we think future dealerships will be without huma

the royal commission has put bank executives in the hot seat.ad wrongly forced some farmers from their homes. you say you did not act calmly —— fairly and reasonably? you say the bank did not act fairly and reasonably? yes, i think that is correct. after a lifetime in farming, the only asset henry has left is his truck. he hopes the royal commission will help bring a change in the landscape. now let's brief you on some other business stories. us regulators have cleared walt disney's plan to buy most of 21st century fox, removing a final barrier to the $71.3 billion deal. they have, though, demanded the sale of fox's regional sports networks in the us, because of competition concerns. the deal still needs approval in other countries to go forward. apple and samsung have finally settled a seven—year—long patent dispute, bringing to an end the long—running battle over the design of their rival smartphones. the terms were not disclosed. but it comes weeks after a us jury ordered samsung to pay apple $539m in damages for copying features of the origi

australia in particular, given the royal commission going through here, the scandal surrounding cba,her tn technology is a value with a renewed look. from bring in blockbid australia, one of the first to receive legal approval to start these crypto operations under australia's new guidelines released in april. the ceo of the crypto trading platform joining us from melbourne. thank you for joining us this morning. we have been talking about the environments of the crypto univ seems like the bears have control in terms of bitcoin, still below $10,000, volume low. nos saying that coin is the last thing he plans to earn in a crisis. how are you dealing with the aftermath of the euphoria now that it has died? >> good morning. what we are finding currently in the crypto currencys a bit of stabilization. surrounding the well-known bitcoin and other crypto currencies as well. what we are finding is that people are starting to research and understand what is the driving force behind what is known as bitcoin, blockchain, and it can help our industry. and while we may see volatility within the

in december, malcolm turnbull established a royal commission enquiry to investigate the scale of thislegations to hit commonwealth bank, the enquiry heard the lender had collected fees from customers each new had died. complications in the ongoing investigation and a major fine for commonwealth bank of australia. thank you for the update. now let's brief you some other business stories. accorhotels has issued interest in buying part of air france klm. the french government is reportedly considering a sale of all or parts of its 14.3% stake in the national carrier. air france klm has been struggling to stay profitable in the face of long—running labour strikes and rising competition. to t to he international air transport —— the international air transport association plans to revise down its profit forecasts this year because of rising oil, infrastructure and labour costs. but those aren't the only issues facing the airline industry. the bbc‘s aaron heslehurst is attending iata's three—day annual conference in australia. g'day from my hometown. i am here to analyse an industry which 4

i'm sure ok george bell so he's here in australia a few months ago in front of the australian royal commission on sexual abuses within the church ear recognised knowing sexual abuses from australian priors but did not denounce them to justice so what do you think of him being in this he nine with that story i have been to australia last year i've travelled i have been in the diocese i met with three survivors from the school where they are now powell was at that time the vice director of the school and are not willing gage to cooperate with justice and it will incorporate in the sense of setting up a safeguard in measures in the same way he will this is future but he didn't denounce sexual abuse it's very far and isn't this you know and he admitted is it sucking for you or not you know of course it was shocking you know for him to be in this you nine and not have been denouncing her sexual abuse of minors you know for sure. the school it has always in chile here. doc human. asked solon that. has waited five years after the first victim spoke out to take action to remove the prized father care

, but we will look into that royal commission report in september to see if there are indications ofngs. haidi: how much of the systemic failures are coming from mortgage and the? tim: that is as an area where we have seen a lot of typing recently. the regulators themselves, if you go back for five years, they would admit there were certain areas banks had less conservative in the pursuit of competition or growth. but more recently have seen that tighten up. so i think it is probably further tightening to come, but at the moment it is not an area that we think has got systemic problems. angie: good timing with you on the air. we have breaking news. commonwealth bank is said to be paying $700 million australian in terms of suddenly a case. crossing the bloomberg terminal. as we are talking about everything that needs to be done in terms of those banks, what is your first reaction to this news? tim: obviously i have not had a chance to look at that yet. i think it is in the vicinity of what we have thought maybe in terms of a penalty. our view had always been the financial penalty of t

see right there are a lot of people saying actions speak louder than world words let's give a royal commission i jump it yes but then i want to hear also from royal go ahead. you are absolutely right that from a purely legal point of this is something i want to point out over and over again from a purely legal point of view editor doesn't need to say anything if you'll be a house to withdraw its troops and then things would be normalized or talks toward normalization would start from a purely diplomatic and political point of view it would be remiss not to get involved. but one thing that i want to point out is that but in there has never been if you. and the residents of today or the past sixteen years the vast majority of them are part of european resettlement schemes that have been happening in the past sixteen years or immediately after the e.c. ruling so let's let's not. i don't think there's any evidence to support that claim i think the point that you made that there is no legal obligation on the part of it in syria. and i think that is also be a problem because. illegal such bans betwe

we'll bring you the latest from the royal commission in australia, which is investigating the practicesot pizza chef. a french start—up has developed a robot which is able to make professional standard pizzas, from rolling the dough and layering on the tomato base to cutting the finished pizzas into even slices. the robot's inventors say it can make up to 120 pizzas an hour and are looking for a paris kitchen where it can be put to work. hello there. it's a bit of a case of deja vu with the weather forecast at the moment. day on day we're seeing those temperatures building, lots of sunny and dry weather during wednesday. top temperatures reached 32 at porthmadog in north wales. we could see similar story i think during the day on thursday. high pressure well and truly driving the weather, keeping things dry and settled with generally gentle breezes around. this was the picture in workington, cumbria during the day on wednesday, not a cloud in the sky there. i think we'll have one or two areas of cloud around on thursday, especially in the east, lincolnshire, east anglia, some cloud arou

we'll bring you the latest from the royal commission in australia, which is investigating the practicesin story, and an unusual reaction of support in front of the south korean embassy in mexico city, where mexican fans were serenading the south korean team for their victory over germany which means that mexico progress to the knock out rounds. elated fans placed a traditional sombrero hat on the consular general of the south korean embassy in mexico. there was dancing, chanting and even a mariachi band. congratulations to them. stay with us. congratulations to them. stay with us. headlines next. i'll be back with newsday soon. see you soon. hello there. it's a bit of a case of deja vu with the weather forecast at the moment. day—on—day we're seeing those temperatures building, lots of sunny and dry weather during wednesday. top temperatures reached 32 at porthmadog in north wales. we could see a similar story i think during the day on thursday. so high pressure well and truly driving the weather, keeping things dry and settled, with generally gentle breezes around. this was the picture

see right there are a lot of people saying actions speak louder than world words let's give a royal commission i jump it yes but then i want to hear also from royal go ahead. you are absolutely right that from a purely legal point of this is something i want to point out over and over again from a purely legal point of view editor doesn't need to say anything ethiopia has to withdraw its troops and then things would be normalized or talks toward normalization would start but from a purely diplomatic and political point of view it would be remiss not to get involved. but one thing that i want to point out is that but in there has never been if you. and the residents of today or the past sixteen years the vast majority of them are part of. resettlement schemes that have been happening in the past sixteen years or immediately after the e.c. ruling so let's let's not. i don't think there's any evidence to support that claim i think the point is that there is no legal obligation on the part of it in syria. and i think that is also be a problem must be explained because if it legal such bans between

with good reason, the australian government last year ordered a royal commission into the finance industryave heard breathtaking stories of banks charging that customers for services after they have passed away, and today we had news that the commonwealth bank has been agreeing to pay a fine of $530 million for breaching australia's money—laundering and terrorism financing legislation. the bank says it didn't mean to do its actions, they went to deliberate, but it says it takes its mistakes very seriously. at the heart of this case was a so—called smart cash machines that allowed customers to anonymously deposit and transfer money bust up for its sins, the bank has agreed to pay that enormous fine. a pretty hefty fine for the commonwealth bank. let's show what the markets are doing. staying in that region, asia, tokyo and hong kong, managing to stay upbeat thanks toa kong, managing to stay upbeat thanks to a good jobs report from the us and also stronger manufacturing data that gave wall street a boost on friday. in europe, all eyes on that upcoming g—7 meeting later in the week. expect to

looking forward to the next round of hearings in the royal commission.ing up next, we are going to look at oil and opec. we will look at the extra production and what it could do to the markets. ♪ >> you are watching daybreak australia. a committee of ministers overseeing the opec plus agreement is back to raising oil production and that is despite objections from iran. it is recommended 600,000 barrel a day increase in output. that is ahead of friday's full opec meeting. the bottom line here, regardless of what happens, investors are all expecting that prices will head south. market had priced in a consensus of production output increase of around 800,000 to a million euros a day. underlyingat the agreement, it was successful. 1.8 called for removal of million barrels from the market. at the same time, it was also successful in not only bringing down, bringing prices up by $.50 but it took down global inventories around the world area we think about the range of options that are possible from the outcome of the meeting, any because whenullish demand pea

seward resisted attempts to do is a rebuff a royal commission into cannabis, and yesterday was asked the billy caldwell case, she cited the impact of cannabis potentially on families more broadly, and i think her view is that cannabis can very often be a gateway drug. nevertheless, there is huge pressure now including personally on mrs may this she met the mother of alcide dingley back in march and, well, —— alfie dingley. her mother said what happened. we met on the 20th of march, she met my children and my family, we sat down with ministers and she assured us in that meeting that we would find a legal way to provide alfie with the medicine he was using in holland. way to provide alfie with the medicine he was using in hollandm was clear his symptoms were greatly reduced. they accepted that and they said they would find a compassionate and speedy way in which at doctors can prescribe for alfie. that was three months ago. she said to make us three months ago. she said to make us look me in the eye and said she would help me and i believed her. and i feel distraught today, to be quite

she made no moves to do it when she was an secretary, indeed she rebuffed calls for a royal commission law reform. i think her view is that basically cannabis is a gateway drug which leads to harder drugs. it was interesting when she was asked about the billy caldwell situation yesterday, she once more alluded to how the government had to be mindful of the wider effects on drugs and families. however, further, this has got personal because we had an extraordinary interview this morning by the mother of alfie dingley, hannah deakin, who said that she had been to see the prime minister to ask for some relaxation in the law, and listen. i met the prime minister on march 20 in no 10. i appealed to her directly. she looked at me. she met my son and she told me that they would find a way in which our clinicians could be issued scheduling license to give my son the medicine he had in holland. she promised you that they would find a way of giving him the same medicine that he had in holland? she said that he had in holland? she said that to you face—to—face? that he had in holland? she said th

this case really has given impetus do a much wider ranging query and australia called a royal commission of the big four banks and the financial service sector in general. it has been running for a few months. it is the behavior of the banks ranging from misleading financial lies and lying to the having charges for dead people for services. ramy: managing editor, thank you for that. you can get a roundup of the stories you need to know to get your day going in today's edition of daybreak. twomberg subscribers go to tv . easy get the news on the affect -- assets a you care about. this is bloomberg. ♪ ramy: this is "daybreak asia." i am in new york. yvonne: i am yvonne man in hong kong. upe a look at what is coming next few hours here on bloomberg television. funny to watch out for as we saw the u.s. jobs on friday. in the background here is trade tensions in the u.s. and china. mexico and canada, a lot going on for the rest of the week as there is a countdown for the singapore summit. haad: where is it going to happen? we are not going to go into them. one in santosa. we will not make

banks and financial sector has been under a lot of pressure from what has happened with the royal commissionings are slightly more cloudy given the housing market possibly slowing. banks have been enjoying a bit of a rally. there are many in the market that are willing to pick up these markets on very discounted valuations, both to the sector's history itself but to other markets in the world. slightly restrictive earnings growth in the next few years. australia is the in one of the havens. one of the other havens in global equities in these last few weeks of turmoil is the u.s. . tech continuing to get a bid. we have seen facebook, the nasdaq powering in. eu and. is outperforming emerging markets. it is interesting to see the global markets wanting to allocate money to the u.s. given everything happening on the geopolitical front. certainly people are using the u.s. as a haven in which to allocate more to equities. yvonne: you have been writing more about emerging markets, too, adam. we are close to a bear market when it comes to some of these em assets. as we see a shave off in valuations,

drawings from the commission collection are shown here. the royal exchange -- sorry. was the first large-scale neoclassical building in ireland. and its construction marked a significant turning point in dublin's architectural trajectory. it was described by christine casey as the harbinger of dublin's superlative architecturee lath 18th century and the swan song of the old mercantilist city that had long resisted eastern expansion. the customhouse was the work of james gandom. for a newal customhouse was not without controversy. representing the eastern expansion referred to by him. existing customhouse was situated on the keys near dublin castle and the royal exchange in the heart of the historic city, the yellow highlighted to the left there. the proposed location for the new customhouse on the northeastern keys was of toticular strategic interest those instrumental in the eastern expansion of the city and had private concerns in its development. there was such opposition to this project with brought with it the consolidations of the gandon expansion that was known

commission had for the city. the proposal for a new customhouse was not without controversy, representing the eastern expansion referred to by casey. customhouse was situated on the key near dublin castle, and the royal exchange in the heart of the htoric city. that is thllt highlighted to the left. for theosed location new customhouse on the northeastern key was of particular strategic interest to numbers of the commission who were instrumental in the expansion of the city, and the private concerns of its development. such opposition with the project, which bought -- which brought opposition, he received threatening letters and would carry a sword. completed between 1781 and 1791, his customhouse is considered to masterpiece of european neoclassicism, embodying the aspirations of ireland in the 1780's. the new bank will be examined in more detail shortly. he does not clarify his exact involvement in the projects. we are left to speculate. we know that as part of their training, students in the school were obliged to gain professional experience working with practing architects. much like architectural training today. hoban may have been an apprentice to thomas ivory, master of the school who is pict

commissioning the fatal refurbishment of grenfell tower. today we heard the council's early defence. you will find that there was nothing unique about the royal borough of kensington and chelsea which meant that the fire was destined to take place within its boundaries rather than somewhere else. but the refurbishment was overseen by the independent tenant management organisation, which looked after council housing in the borough. so while tmo is a specialist in the management of social housing stock, it is not a specialist design or construction company and had no in—house expertise in these areas. so it contracted out to a string of companies, including these four. but victims‘ lawyers say this is developing into a carousel of blame. they are angry that both the public sector bodies and private contractors have given little public detail so far about what happened. the state palpably failed in its primary duty to protect its citizens. and as for the corporates, silence speaks a thousand words. barrister michael mansfield wanted the inquiry to take a shortcut, to draft immediate recommendations to improve safety for social housing tenants. t

commissioning the fatal refurbishment of grenfell tower. today we heard the council's early defence. you will find that there was nothing unique about the royalnsington and chelsea which meant that the fire was destined to take place within its boundaries rather than somewhere else. but the refurbishment was overseen by the independent tenant management organisation, which looked after council housing in the borough. so while tmo is a specialist in the management of social housing stock, it is not a specialist design or construction company and had no in—house expertise in these areas. so it contracted out to a string of companies, including these four. but victims‘ lawyers say this is developing into a carousel of blame. they are angry that both the public sector bodies and private contractors have given little public detail so far about what happened. the state palpably failed in its primary duty to protect its citizens. and as for the corporates, silence speaks a thousand words. barrister michael mansfield wanted the inquiry to take a short cut, to draft immediate recommendations to improve safety for social housing tenants. this man lived

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