there is a potential downside for the rupee. 2/10 of one percent. india goes to the polls today and they are starting to go to the polls. this is a massive democracy. 1.2 billion people. look behind the process. >> india is the largest democracy and this is the largest selection. 815 million voters. woman andevery man child in north america and europe. it is equipped with almost 2 million electronic voting machines. the job is to choose more than 500 lawmakers and the party that will run the 10th largest economy. whoever wins will rule a country that is home to 1/5 of the world' people. india is a colossal country and colossal challenge. >> we are joined now. .he economy >> it is a two horse race. bjp, thethe nationalist hindu party. have -- her side, you is interesting thing is who the front-runner. india has had the same crime minister as an incumbent for 10 years. party has really dominated indian politics since they became independent in 1947. the bjp is coming in with a lot of support. keep in mind that the pulls are often wrong in india. polls

run, rupee, at positive outlook., has turned nine -- a 9%-10% growth economy to 4%-5%. 10% is goingck to to take structural reform, supply-side economic reform. >> it is all about reform. tim condon, thanks for joining us. a lot more coming up next. we are back in two. ♪ >> it is 8:30 here in hong kong. another start to a great day. we are an hour from the open of trading here. you're watching "first up." india's mammoth selection begins today as hundreds of millions choose a new government. winei protesters concessions, but students still occupy the legislative chambers. cracking down on excess waste -- weight. our asia health check looks at yet another challenge facing china. good morning to you. i am angie lau. markets trading in the and following wall street's selloff on friday. japan's nikkei 225, 1.5% down. we saw a selloff in technology shares in the u.s. the cost be, will one quarter of 1% down. the yen is gaining against the dollar. the asx 200, 0.5% down. tensions between students and lawmakers in taiwan ha

rupee itselft the -- let's see if we can get that. are dollar-rupee basis, we about at a 60. aok back to summer last year, lot of people were panicking whether there was a floor to the rupee. it hit a record high of 68. you did see the technical cross where you have the 50-day trading below the 200-day moving average. there has been a lot of pressure as far as the rupee is concerned. the bond markets, 10-year yields, india, it indonesia, u.s., japan, the difference between these, essentially showing the spread. india still at 9%. in the past 30 days or so, you had $360 million being pulled out of the indian bond market pushing those yields two 9%. 9%.oes -- yields to as far as bonds are concerned, that shows the reality that perhaps the jury is still out whether or not the r.b.i can keep inflation in check. it has been good for the stock market. it has been good for the currency so far but the bond markets have yet to budge. yield.ou go, 9%, 10-year >> the bank of japan has begun its latest two-day policy meeting. the governor and his colleagues are fighting to keep the stimu

as caroline pointed out, to go from 1140 rupees two 3000 rupees rupees is amazing. >> from a geographicalnt of view that makes sense. >> absolutely, and really make sense. is a big emerging market. diageo love whiskey and owns johnnie walker, the biggest global whiskey brand in the world. they have the biggest exposure to emerging markets, but today they are out area >> they were unperturbed. they got decent brand presence in latin america markets. view their? >> the general view seems to be headwinds in lots of different markets. there is no specific reason the hind sab miller today. as we know, emerging markets have been a bit of a trial since last november when you need came out and warned they were owing to have a profit warning on emerging markets. his sab miller has a largest exposure. it has some issues in various markets. it warns about proven tax increases, tough issues in development its as well. obviously, europe is an ongoing trial and the u.s. beer market is in decline. >> how much is this a long-term issue? sab miller is saying they're confident in their ability in the longe

the government offered 45,000 rupee, what do you think of that amount?t's about $4,000. >> the government offering, like, 40,000 rooupees, comes to $415 is like an insult to the community. the government acted a little in haste because they had to - they scuffed with other people in the profession. coming up with the figure - we took it as an instalment to the community. as an animal, to the base of the mt everest - the price of that animal - it's coming to 40,000, 50,000 rupees. a sherpa on 40,000 rupees, is a ridiculous amount. it's not just an amount. it's not just the monetary, but the respect that we deserve - people that risk their lives to go up the mountain, bringing so much glory to nepal and sherpa, and their being treated by the government is not fair. >> what about the companies that plan the trips? what sort of respect do you think they are showing sherpas when they pay them less than other guides? >> the companies or the tour operators, they are the middlemen between the western climbers and the climbing sherpas that work on the expeditions

you look at the dollar rupee right now.econd best performing currency in asia right now just behind the indonesian rupiah. terms, the dollar-rupee, we are at about the 60 level, way below the 200-day moving average, also below the 50-day moving average. you look at the technicals, the 50-day, we have moving average moving below the 200-day. that is an indicator for a lot of traders. i mentioned money flowing in. that has been a lot of cash moving into the fixed income space in india. i am looking at just about $6 billion year to date of net inflows. over the past month, we have seen that money -- some of that money pulled out. atch is why we are looking 10-year yields. there has been some uncertainty. perhaps that shows you what the market is thinking right now, whether the r.b.i can keep inflation in check. we have seen them hiked rates. will this be the case if you look at yields? it does not bode well for inflation when you have yields that high. and there is a big spread between indonesia, the closest one to india, as f

. >> if you have a regular job, you might get 5000 rupees - that's $100 dollars for a month. but what the agents promise, you will get $800 dollars for a month. even i will think of moving there to get a job. >> we visited a small tea shop, and word spread that we were looking to talk to people who had worked on bases. it turned out this man serving tea himself had been recruited for a job in afghanistan - with supreme, a contractor that supplies food and fuel to nato. >> whether they made it to afghanistan or not, everyone here had a story about how they had been cheated. this man, nagaraj, paid three thousand dollars to an agent for a job as a cook in afghanistan. but when he arrived at the base, he was told he would be working as a waiter for a much lower salary. >> at bagram, the largest us base in afghanistan, nagaraj worked for ecolog, the same company that ravi had told us about. ecolog is one of the most prominent subcontractors in afghanistan, working on both fluor and dyncorp contracts. >> it's completely controlled on fear, the fear of losing the job and the fear o

. >> so look, what happens now to the rupee and do you think monetary policy post the election?> right. i think the rupee, as long as there is no real, you know, surprising fall coming out next week or if there's no untoward event, the crimean crisis doesn't get out of hand or something really extreme doesn't happen, i think in the spirit of radio silence between next week, my guess is that the rupee will likely hold steady. i think the bank of india, if there are in either side, there is a bank of india, there is a bank of india has accumulated sufficient amount of -- over the last three or four months of ender vengzs to deliver that intervention on either side. i think that monetary policy we are probably on the way out of consensus. our view is that, you know, if there is really the market hopes, you know, come out. therefore, we do see a very sharp rise in investment in the second half of the year and growth moves out of that 4% or 5% range to the 8%, 9% range, it's at 8% right now. imagine what will happen to core inflation in india if it moves from the 4% to 5% growth rang

student giving a set of facts and use the information to convert dollars to foreign currency like a rupee. the college board is counting on feedback to make improvements before the reallyout. >> 10 sea lion found malnourished is nursed back to health. the sea lion was brought to sausalito to recover. biologists say it is rare to find a sea lion so far inland and was 30 pounds underweight and at first the diet consisted only of liquids and now he is eating five pounds of fish a day. the mammal from is treating 193 animals right now action record. >> an old guy is getting a brand new home, the museum of natural history in washington, dc, will have the fossil of a t recommend, found in 1988, part of the most complete skeleton found. renovations will take five years and the smithsonian sign add 50 -- signed a 50 year lease. >> a puppy in missouri is safe after falling down a storm drain. firefighters in stimulus spent three hours trying to save the two-month-old chihuahua named "storm," and crews pump water in the hole to get him to float to the top. they wrapped him in a warm blanket and his

there are reports of scams worth billions of rupees. all of this is adding to voter's frustration. they are looking for alternatives, and this parting is offering them this alternative. >> polls indicate there could be a change of power with the bjp under modi, possibly forming the next government. what could be expected from a modi administration? >> india is getting 100 million voters this time. at least half our young people. -- at least half are young people. what young people want our jobs. he is playing that card. he is only talking about development that has taken place in his state. he has invited a lot of private investors to his state during his tenure. but he is not talking about the violence that has taken place in his town. he is being repeatedly accused of not acting responsibly during the riots in 2002. although his role in the riots could never be proved, the factor means that he is a hindu nationalist rather than somebody -- the fact remains that he is a hindu nationalist rather than somebody who can appeal to all. indians are at a loss right now. they have to choo

books door to door getting onto the scene detectives with the entity rather than spending millions of rupees and publicity he says he's campaigning the compassion and victory does not depend on the team. with or without a doubt the video pictured above. the additional deduction of wood and carry couldn't. whatever the show in lebanon. yea thou approach to life. he doesn't eliminate the cap he tentatively to them. to solve the homeless guy just didn't seem easy in the country hit twenty two she was on his team needed to spend upwards of four point nine billion new joint is making this man with a victory exercise. the second most expensive in the camp ever. combined with the use of coleman camping too would be awesome with his aunt built on the list only mentions of convincing cohorts. many seem to be in support. most of the day hiking the un is contesting from businessmen to home base in his donor of darjeeling in eastern india submit your kicks off is convened by being the one who does what is going to meetings we had to concede he was on her name is steve goodwin also because of it. it woul

the rupee cw killed in a station for the prohibition of chemical weapons says wealth is that it is a still being reviewed damascus has been told that more needs to be done for it to respect its obligations. i strongly encourage the authorities to work to complete the job as soon as possible. in the pope's imitate the way if i use the bristles of the wreckage of photos and show them the folks in the gypsy esque own internal deadline of twenty seventh of april seoul the thirteenth of june deadline can be met the weapons are transported on to syria and imports of attack yet. twenty two batches were taken to shipping between the fourth and twenty second of april however that was not enough that damascus to meet this sunday self imposed deadline to remove the entire awesome don't persist about the seven the house to eat this and that remains with activists in recent weeks accusing government forces of using color line outs. when it comes to the allegations of the use of offshore and downs. this is a matter under discussion in the hague. then directly i will be sued over you read this you

hundred dollar has fallen to the different issue and on the other hand it also sounds a lot billions of rupees. all of this is adding to what this fascination to music and editing florida native and his ideas often been decided polls indicate that there could be a change of power with the hindu nationalist bjp under ron moody possibly of forming the next indian government to expect from the moody administration india is getting a hundred million new voters to stand and then add cooked up a ton of knitting photos of debates eighties hof idea and what doesn't even want the jobs what you think that keeping backpack is the chief minister of defense the only talking about given up meant that has taken place in the state. he has indicted a lot of private investors to the stage getting us to know but he's not talking about the cool new diamonds that had also taken days in this town is mean to beat india council for not acting responsibly during tonight's road to taos and two although his own and that's never been to all of the fact remains that i get onto t t as the hindu nationalist rather than some

we remember six, seven months ago when india was within the basket of very vuler in economies, the rupe was a vulnerable currency with south africa and turkey. we actually saw a pretty nice revamping of measures, i mean clamping down on imports, very aggressive rebalancing of the current economic gap. and we are now seeing that india is probably one of the big boosters in current account gap balance over the next couple of years. i mean, on the back of policy measures. so that actually proves the point to the emerging economies out there that policies can change a lot in the dynamics. >> we'll have more chinese data out this week but it's a holiday there today. coming up, the succession plan is underway. is the board of black-rocky preparing for merger details? we'll have more on that, coming up. >>> here we are 15 minutes after trading in europe. we are following through here today in europe, more than 9 to 1 decliners outpacing right now. the ftse was up 1.2%. the u.s. stocks measure up to 5.5-year highs. the ftse 100 is down this morning down .60%. cac 40 is down preponderate 71%. th

rupee back in a few minutes. -- we will be back in a few minutes. >> welcome back to "on the move." anna edwards at bloomberg's european headquarters in london. let's see how things are shaping up. here's the picture across the european equity market. we have the ftse 100 down by 0.73% heard many of these indices feeling the pressure from the negative moves we have seen from technology stocks in the last 24 hours. here's a european correspondent caroline hyde at the touch with three stocks to examine. jpmorgan is saying they're going to do more m&a. if they get bigger, if they are larger acquisitions, they're not so happy. they will reduce it to a neutral. arm holdings, this is the text pane. a fascinating company, basically designed the chips that go into everything you own whether will be a smartphone are wearable device or television. the tech selloff is hitting arm holdings raised in cambridge. off by 3.6% this morning. is a concern about u.s. stimulus reining in, is a concern about two big evaluation? overall, tech stocks tend to be higher risk in terms of how they are viewed b

sample question, melissa sksh what would it cost an american traveling in india to convert dollars dao rupeeses the maximum score back to 1600 -- it was 1600 when you and i took it, right? >> yes, old school. >> then it went to 24. back down to 1600, officially rolled out in 2016. some people are saying they've made it a lot easier. >> well the vocabulary section has changed to use more commonly word, but i thought it was to tell not necessarily commonly used. >> uncommon. how much are you digging in. >> extremely commonly used, everyone will get those questions right, but they're also adding data. you have to analyze charts and graphs, which i think is much more important. when do you go a day without looking at a chart or day. >> well, i can't. it's not that i don't -- >> average everyday people -- >> i'm a nerd with charts. >> i am too. but everyday people, you look at rising food prices, you look at charts. >> and a great song by sly and the family stone "everyday people." >>> mean time, airline stocks not flying quite as high but look at, all down double digits. hunter. >> there should b

you could put rupees in indian banks for the caliber and they just couldn't convert the dollars will then the in the indian merchants started you know they were the currency of dollars import goods sent into iran to get paid in rupees make money all along the way they were doing gold for oil swaps they were working other commodities to russia but the big work around was around put almost thirty billion dollars hard currency on deposit with chinese and russian banks then the chinese or russian banks we transact through swift for the account of iran but not disclose the fact that iran was the real party in interest you're supposed to do that but they just left that out so the point is that what was the impact of this of iran well suddenly you know they needed dollars to import goods you know from the smugglers in dubai so there was a run on the banks people were pulling their currency out of iranian banks the reigning currency collapse the central bank had to raise interest rates to sort of prop up the banking system so you have hyperinflation sky high interest rates collapsing currenc

they are offering 3040 rupees per share and doubling the amount they are offering to pay to get theirds on a larger part of united spirits. they arty have 29%. that would give them more than half. they want certainty of control. they have executive control. they want certainty of control in holding more than half of it. $1.9 billion is the amount offering and they are offering above what the market currently values united spirits at. >> yes. it will take the shares above 50%. why the focus? i don't mind a dram of whiskey. india is the biggest market for whiskey. the biggest distiller -- brandswn bands like bagpiper and mcdowell's. the world's biggest distiller is johnny walker. they want to use the distribution network to drive they own guinness and smirnov. they are the sort of brands that they could get further with in india and it is a fast-growing middle class. these are the sort of areas that we're seeing in growth of demand. >> while you were talking, i was seeing where the big deals are. >> phenomenal. far above what we are seeing in the rest of the world. it is up about 40% ac

this is a three hundred thousand rupee anyone to witness them around. instruments there is nothing to fear that the rebels to retain his ultimatum to the facts beyond the russian fleet is tight and a crippling occupying government buildings. the response and twenty two the anti operation with the canned kind of several cars break down the drums. meanwhile lincoln street in the ninety of the referendum has become a key demand from contestants i read that people work to earn money but the authorities give us the finger at four twenty one zero loss to the most important thing is that we want autonomy from kiev. we want all the money to remain here with us is that don't get to the region. during the next crystals to call her my friend too. we are not against a referendum. i am convinced that the foss majority of ukrainians will vote in favor of an independent democratic union hoyts and ukraine. even if tn stands by its plan includes prisoners. some will continue to be wary. i keep thinking that i need to be. i didn't recognize them. when the government. aga

they see him as someone who is pro-business and he will strengthen the rupee and ring back foreign investment put their eggs in his basket. >> they want foreign investment. these are businesses that have gone abroad. they are not the sort of investors who are going to be impacted. >> very internationally focused industries. you look at a guy like this who asked company started in the cooking oil business. when they government kicked out farm businesses he created a software company. in the 1990's the government opened up the industry again and he transformed into someone who serviced the outside software makers which he could not compete. waswhen y2k got drama, he -- they're very internationally focused. >> let me know how your man on the street, your woman on the street views these billionaires? the average wage. are they viewed as an inspiration? >> i am not an expert on the hindu culture. story tower in7 mumbai that houses six people. his children and his wife and mother. he has 50 -- a 50 seat movie theater and a swimming pool. it is a $500 million home. i do not know whether the indians

you know, the rupee has gained year to date. there are two elections, first we have the parliamentary election today and then this will be followed by the presidential election in july, july 9th. only parties that win more than 20% of the 560 seats can nominate the presidential candidate. and since the pdips announced the presidential candidate. if they can win more than 30%, it means that the coalition will have a smaller number of parties and pdip and jacovi will be in control. that means this rally could ten for a longer time and of course the big caps will benefit as more foreign flows come back to indonesia. because what we are seeing is that year to date, only $2.3 billion have gone back into the equity market. where else $5 billion have gone out of the market last year. so there's still a lot of potential. >> okay. the better they do, the better asset markets do as well. let's say that does happen and you get this flow going into the big caps. which sectors are again to benefit? >> oh, i -- the banks and infrastructure, t

it is at an all-time high in terms of indian rupee terms. so i don't believe that the market should be viewed as an all-time high. if you look at other factors in terms of what a company, an all-time high market, that should mean domestic inflow, ipos, a lot of brokerage volume, a lot of volume on the stock exchange, none of that is there. it's just a nominal number has been reached of an all-time high. really none of the accompaniments are there. >> when you go to india, i was in delhi a few weeks ago, it's pretty obvious how massive the challenge is for a government, the major issue of poverty, the major corruption, the environmental issues. where does the next government start? >> well, the thing is to look at this new government, the new leader as follows. let's say you are appointing a ceo for companies, the best candidate for that would be ideally a ceo of maybe one of the subsidies of that company which has done well, whether than having somebody from the planning department or economics department or a controller becoming the ceo. th

. >> we do know that the child was a few feet in front of the rest of the rupe. we also -- group.that all parties had a green light at this intersection. >> i call it the fulton speedway. it's a death trap, that corner. >> police say the driver remained at the scene and is cooperating with investigators. it's still not clear what caused the accident but police say drugs and alcohol do not appear to be factors. >>> all right, tori. 7:55. today is walk to work day in san francisco. it's an effort to make the city streets safer for you and i to walk on. walk san francisco will mark this day by visiting local businesses with three cards, tote bags, food and coffee. walkers who share their experiences on twitter, facebook or instagram using the hashtag walk to work, you may win prizes. walk san francisco will also release the city's first report cards on the goals to make some of san francisco's most dangerous streets safer for those who walk. >>> one community is still in shock after a crash last week killed a 4-year-old boy in napa. the little by who died had been strapped into a boo

with all that money well for one they spend a lot of and try to help republicans win elections bag rupe americans for prosperity for example has already spent twenty two million dollars in television ads this election cycle outpacing all of their republican groups come by the fact that super rich tycoons like the cokes have such a huge role in our political system would have terrified our most famous founding father thomas jefferson he laid out his thoughts about the dangerous role of money in politics in an eight hundred sixteen letter to samuel kercheval noting that those seeking profits were they given total freedom would not be the ones to trust to keep government pure and our rights secure indeed it has always been those seeking wealth who were the source of corruption in government. but the problem with the koch brothers isn't just that they use their money to corrupt the political system ultimately the biggest problem the koch brothers and every other billionaire in the united states around the world is that they're billionaires and thus by definition have more money than they co