the rupee has gained tremendously versus the dollar.ar. we have inverted its eight can see the rupee gaining strength. it has been a pretty steady bet for foreign investors. the idea of a country essentially creating a free-trade area with itself sounds counterintuitive. are there further examples of what can be done to harmonize the different regions economically once the gst is fully established? >> this is the vast majority of it. another big step that will take longer that is not really a .eform is simply infrastructure depending where you are in the country, the connectivity to the , as thethe country infrastructure is improved in that kind of investment is a big part of the government agenda, you should see more economic integration over time. it took a while to get the gst path. what did he have to give up to get that done and will it hurt his standing in local and national elections? i would argue that gst has been running on a time different tracks. it's been less of a partisan and more about federalism issue. that's across all

we did not see a big forward in the rupee.hen go from there. it does not seem to be massive unease in the market. francine: it has more to do with what the fed does, right? there is a huge linkage between india inflation, rupee, and dollar fed. gareth: it is probably less of the concern now than in 2013 when india was running a big currency deficit and was dependent on foreign inflows from abroad. since then, you have seen the current account deficit fall quite sharply so india is not quite as dependent on foreign policy --. have a leagueou table of your favorite emerging markets? gareth: india is doing quite well. the growth figures exaggerate the strength of the economy. encouraging is that modi after a quiet start is making some progress on necessary reforms. we have this inflation targeting regime in place and measures to open up the foreign investment. a goods and services tax is crucial to india's long-term development. statelaces a patchwork of taxes and unifies it across the board so hopefully it will create a unified,

yousef: august is typically the hottest month for the indian rupee.axndra modi's sales victory may have come at the right time. goldman sachs is saying the rupee is one of its top picks for emerging market rates. foreign flows into indian assets have been accelerated. stocks in dubai and qatar led the gains in both equities. tracking emerging-market increases as brent crude recovered. let's get analysis with the vice president for commerzbank in dubai. thank you for stopping by on the program. i brought back the chart i wanted to bring up earlier. the 50-day moving average the 100-day average. how much further can the rally go? >> everyone is wondering about that, but clearly what is happening is the risk-on attitude continues. high risk are coming back into favor. i expected this positive momentum in terms of emerging-market assets to continue for the next couple weeks until we have another major distracted event, which can turn around things. for the time being, the momentum is expected to remain positive. yousef: how much is correlated to oil? oil

end, they do a ruby-to-rupee deal. ruby-to-rupee this is pure business. for us, it is good.usiness group can acquire significant gold-mining in indonesia. >> you are the man behind the tax amnesty program implemented. will it work? 0.4% has beeny brought back to indonesia. can it work? >> it is the beginning. the tax amnesty is totally new in indonesia. waslast time we had amnesty in 1984. actually people are excited. i know people are lining up to get information and starting to register. we also note the big players will come in some time in the next month or in the next two months. much for youro assessment. there you have it. we have to wait and see whether that tax amnesty program will work. yvonne: thank you so much. up next, first-quarter earnings in japan saw the steepest plunge since 2011. the prospect for annual profits, are they about to get dimmer. that is next. this is bloomberg. ♪ firms saw these steepest earnings plunge in five years in the quarter. things could be about to get worse. , a possible downgrade of future outlook -- downgrade, a possible in future

now rupee and remedy as well. manus: nikhil draghi--nikhil draghi thank you so much. the german juggernaut. in asia number when it comes to manufacturing for the month of july ahead of expectations. france still in contraction. come.mi data all to stick with bloomberg television. the pulse is up next. ♪ francine: don't rule out september. a rate hike is possible next month. markets underestimated the fed weekend. pesky watch out the letters stress tests. we'll talk to the director general of the country's banking association. they $5 billion deal with didi said to move -- set to merge with china's uber business. ♪ welcome to the

there is one we don't look at often, but i want to put in there -- india's rupee. they did name a new central bank governor to take over, and china's yuan at the weakest among. tom: i do not make a chart, thank you. i will try to show the depreciation we have seen in the indian currency. let's look at the most important chart of the week. this is the great unspoken. -- we have the great moderation, 1994. so howard was charming, with a little bit of leveling. vedanta 2000, less charming. then we got to the zero bound we have been. this shows the unorthodox economics that i would predict is an unorthodox jackson hole. francine: you know what, i like the fact that you pick that. i picked something similar, but on a much shorter term. this is my bloomberg terminal, the fed signals we have had over the last five days. the dollar, the first box, all the way on the left of your screen, is when the fed sets up a september rate rise. when fed minutes show the split on the need for a rate hike. here, last monday, when the rate increase was to be sooner rather than later, and

isdman sachs says the rupee among the best for exchange rates.modi cleared hurdles for a goods and services levy. a man sued after he was sacked last year, saying he was made a scape goat. says itman for nomura is disappointed with the judgment. about,rnings to tell you profits at berkshire hathaway rose 25 percent to $5 billion in the second quarter. su keenan a breakdown of the numbers. >> warren buffett's berkshire hathaway posted numbers in a statement released on friday, net income $5 billion from $4.1 , a 25% jumpar ago in profit. in comes from manufacturing services and retailing with a heart of the prophet, climbing 14% to close at $1.5 billion. recent acquisitions really paid off, but the operating earnings is the story here, because it was amiss, 2803 per share versus 2911 estimate. of how berkshire hathaway has performed, the shares are up 10%. that has to do with the fact that it's an insurance base of portfolio companies are under pressure. castparts,recision help to boost the bottom line. geico was a strong player, but a slump in ea

if you contributions he has made to stabilize the bank of india is to stabilize the rupee. $360 billionrought in the much-needed credibility in the markets for the investors. india is not -- and yet has enough resilience to with -- to withstand shock. monetaryushed for the policy along the lines of the fmoc which are likely to be implemented later this year. some of the measures were breaking. but, there has been controversy. -- ifuld ask the question he did all this, why did he not get an extension. ? ? outside monetary policy. people did not take it lightly that he was overstepping his mandate. there has been criticism against his policies as well. many believe the r.b.i. under him has been more hawkish than necessary and the interest rate should have been lowered to earlier than he did. interest rates in india -- in india has -- have come down. he has than three years, had quite a bit of change administrative leave. playing by the rules. enforcing the rule book especially on willful defaulters. cleaning up the banking system on bad loans and enforcing new ideas. i will leave you with

i will put expanded majors here rather than just the majors and you can see that the indonesian rupee. scarlet: nice work. let's take a look at commodities as well. oil climbed but did give back most of its gains. little change in copper and gold. think rightly to a 15 month high in london. it has the best-performing london this year. signs of a shortage with demand holding up. those are today's market minutes. now let's take a deep dive into the bloomberg. you can find all the following chart at the function at the bottom of the screen. i wanted to take a look at the function that allows us to check out traders participating -- anticipating rate increases. a rate hike 42% for september, 50% for november, and 60% for december. if you go back to yesterday before janet yellen spoke, it was at 32% yesterday and 54%. you can see the odds were much lower there. in december, 42%. a bit of a change but nothing huge. no vaster repricing. vast repricing. scarlet: maximum option analogy. reallyhat is not exciting for us or the market. the problem is $6 trillion worth of bond managers are really

back to me. .ndonesia rupee not a relatively big surprise -- indonesian rupiah. not a relatively big surprise. that dollar strength coming through at its lowest level for the rupiah in about seven weeks at 13,200. very weak, as expected. coming from the pboc. this is roughly where the fix in was to begin with. the year to date chart. some strain coming through for that currency. you can see a pop. 1127. just some lines coming out of manila. i don't know how they are doing this. they are extrapolating the exchange rate. you can do that into 2022. we are talking six years down the road. they are looking at a range of thought -- that is a five. to the u.s. dollar. that is a projection. that is the assumption of the government. there is this report that the presentation is doing. yvonne: you can get more on the markets and the rest of today's other new set bloomberg.com. you will find in-depth reports, market data, and you can watch some of the interviews you may have missed today. hasng up later this hour, gdp gone out of fashion? why some economists think it is an

tonight an onstage conversation in the rupee an opportunity for audience questions at the end and i'm going to ask that you please wait for the mic her phone and speak into it clearly so your question can be heard. after the discussion the authors will be pleased to sign copies of their book. the books are available here and the authors will sign the books here to my right. if you could please form a line at the tables in front of the stage that would be great. and for those with a book in hand already you can just jump right into line. thank you so much for supporting the library and its programs whether through your yearly gift toward purchasing a book at tonight's program. these things all help the library to bring these wonderful programs to you. tonight we have pioneering oncologist dr. vincent devita who will share her personal history of one of the greatest science stories of our time, the fight against cantor. the book, "the death of cancer" after 50 years in the front lines of medicine and pioneering oncologist reveals why the warren cancers wonderful and how we can get there

cheryl nelson from the zora neale hurston center, i incorporate children's literature in my course rupe that is coursework, the one they love the best is zora neale hurston of the china berry tree. if you would like one to start with, that would be a great one. there is also when entitled the three which is and that is a good one as well. i have copies at home. you can hit them on any online bookstore. try to think the panelists. >> there are always people in the audience who know as much if not more than the panel. >> i just wanted to comment zora neale hurston reader and every time i read her life story i get very said that she lived a hard life, suffered a lot, she had a breakdown with langston hughes, the white patron had on black literary heritage controlling the type of writing the redoing of that had to do with her going to florida. to write the kind of writing she wanted to do. she didn't want the white patrons to influence the writings other black writers were influenced by. my point is she suffered as a result of her resistance. i don't know if anyone mentioned she was accused

katie: hi, i'm katie rupe with -- techcrunch.t and dennis -- his wife is about to have a baby any moment now, so if he runs off stage, it's not because i'm asking a tough question. but it's a legitimate reason. dennis: i put my phone right here where i can see it, just in case. katie: okay, all right. i understand. i guess that's kind of a big deal. then, we have jeff here. the incoming -- or the new ceo. so, foursquare has changed a lot over the years. you started out as a location-sharing app. and now you have two apps, a yelp competitor and the swarm. you're also a data company now. we'll get to all of that. but i wanted to talk to you about your new roles. as executive chairman i wanted to find out, are you so involved with the day-to-day? or how are things different than before? dennis: day-to-day at the company, five days a week, there's tons of things going on at foursquare. both on the business and enterprise side. i'm still there trying to make sure that we get to focus on the things that represent the reasons that we started the company. and so, a big reason for the role switch

the americas to live in an area that is environmentally suited for zika transmission and within that rupe there are 5.4 million births per year and obviously as we will get to moment the issue of microcephaly when women are infected during pregnancy is an overwhelming important issue with zika. this is what i meant for the people in brazil first started noticing a dramatic increase in microcephaly over and above the baseline. now you have heard people argue well, they weren't really looking for microcephaly so yes it probably is a bit of an over call but there is no doubt there is a major increase in microcephaly associated with zika and we are seeing back in a number of other countries. what is microcephaly? microcephaly is a congenital abnormality characterized by the underdevelopment of or direct of of -- destruction of the brain. it's really an anatomic explanation. as the brain develops during in utero development of the fetus the brain pushes up the skull so the contour of your school is because the brain during development pushed up and normally develops a nice smooth contour. if y

a few meupor crashes on the east side of raleigh but overall, miamior rupees are in pretty good shape. -- a few minor crashes on the east side of raleigh but overall, major routes are in pretty good shape. so you the family of 20-year- old kouren thomas shot an over the weekend will speak to the media this morning. >>> people running for wake county school board will need to file for the races again starting at noon today. under a court ruling, the county must use the nine- district map drawn in 2011 rather than the new map that member of our morning team here. everything looks nice on our raleigh skycam. can you see over there on centennial campus, everything is looking good. our timms in the mid-70s. we'll see a high today in the low 90s. >>> breaking news n a washington, d.c. suburb this morning, there are a number of surries following an explosion and fire at an apartment complex i don't the building is over in silver spring, maryland just outside the nation's capital. leyla santiago has been gathering information about what has happened. >> reporter: let's go over the fact that t

last three years, you have seen a proactive bank of india that took measures to stem the fall of the rupeeld up the reserves. it put inflation targeting regime. the monetary policy that will be deciding, game changing ideas that the governor pushed for. there were critics of his policymaking. many believe he was more hawkish than expected to hold onto rates. and just rates have come down nearly 100 basis points. the other big challenge is he was way too outspoken for the indian establishment and often spoke on policy that did not go down too well with the powers that be. >> china's factory deflation narrowed for the seventh straight month, showing improving conditioned for the manufacturers. we have not seen figures like this in two years. >> it is interesting on the factory rate side. it could prove to be one of the more interesting developments of the year. one economist said it could be heading toward northern territory. if that happens, it is a significant development and a breakthrough. the deflationary cycle has been one of the real drags on the factory side of things. policymakers h

they go defraud rupe he will spacing. but with her, it's terrible.an some of them covered it big league, but some of them are really just reducing to report the facts. and i think it's going to get worse and worse, though, because i assume more stuff will come out. but this was big stuff. pay for play. it's illegal. i mean it's illegal. and we'll see what happens with it, folks. we'll see what happens with it. but it's very serious stuff. it's very, very serious. i don't know that it can be anymore serious than deleting or getting rid of 33,000 e-mails and all of the other things, the server, the server. which you're not allowed to have. the information gotten off that server -- by who knows who. probably many people. many countries potentially, secretary of state to put us all in that position. so i think it's a very sad thing. and they give her a pass on everything. give her a pass. it's so sad when i watched that, and it was point after point after point and everybody was saying "wow they're really going to do it." and then they go"however, as soo

since then, they have taken a series of measures to protect the rupee.nor has also been instrumental in pushing through an inflation targeting regime, setting up a monetary policy committee, along the lines of the fmoc. he was the fourth behind going after india's bad loan problem. he set a deadline of march 2017 to clean up india's inking system and much progress has been made on that front. there have been challenges. there have been critics that have said he followed a strategy strategy ofish interest rates for far too long and that hurt india's growth and he has been outspoken. he has spoken on issues outside of monetary policy which did not go down too well with the political establishment. now, we will have a new governor that will likely take charge on the fourth of september. we still do not know who he is. that will be an interesting story to come out. buy or sell emerging markets? stephen: i am a buyer. he will talk about political risks and that is a reason why many shy away from emerging markets. that is one reason why we should look at those

when he took office, the rupee was under pressure.took a series of measures to stabilize the currency. -- india's fx is $55 billion. it made india to any form of capital fight. --capital flight. he has done much to restore credibility. he played by the rules as far as r.b.i. is concerned. the r.b.i. was quick enough to react whenever the market required. two important encounters in which he introduced is inflation targeting regime. something that india was not used to. he has put in place a monetary policy committee. something along the lines of the fomc. and you will be announcing its committee members -- india will be announcing its committee members. contribution that the governor has made in the past year, he went against bank bad loans. he is going to clean up the bank balance sheet problem, large part of it has been achieved. last point, yes, there have been -- he has been outspoken on areas on monetary policymaking. his policy has come under criticism for being way too hawkish. interest rates when they came down, many people ar

manus: some of the markets up here -- the indian rupee against the dollar, local bond index rushing higher10 year government bonds at a seven-year low. there is this expectation that relief departure gave a rally all the way around it in the market. from what we see of patel, what do you think -- the rest of the world questions inflation targeting, and now he is shackled to inflation targeting. >> first of all, rajan was someone with a very big personality. he knows that elsewhere in the world he was kind of arrival to the indian political leadership. patel probably has a quieter affect in that way, he will probably ease tensions between the central bank and the government. but as far as emerging markets are concerned, the important thing is that inflation targeting is slightly different from inflation targeting of the developed world. the problem is inflation is too low, and it can be difficult to get inflation to where you would like it to be, and when you have efforts to do so you end up with asset price bubbles. whate emerging world, really matters is trying to buy into some extra cred

or is the rupee there? hans: you see it on the riel. it is still a carry story, too.ou assume the riel would do nothing, you would still be paid by holding fixed income in brazil. the of the currency game in brazilian riel may have been fed. isn't that our time to look at the ledger? where has been the biggest concern? you have mexico running a big concern about the potential outcome of the u.s. election. when there was a republican party congress. since this, we have seen that this concern as eased. in the past one and a half weeks, the mexican peso became the best-performing emerging-market currency because it had to catch up to a declining risk profile. they seek out the specific locations which are now warranted, but beyond that, one overall theme should stay with us for the next couple of months and that is the theme of general u.s. dollar weakness. you mentioned currency reserves which are rising in the emerging-market environment which are nothing else than a manifestation that the shortage of the u.s. dollar has moved into an oversupply of the u.s. dollar. tha

quiet on the indian rupee. there will berse, a new governor on september 4.e on to show you where we are on the bull markets as we start on trading. the 10 year in the u.s. there, but we are seeing moves higher in the bond yields in germany and in the japanese session as well. let's get the bloomberg first word news with shery ahn. shery: thank you. oil is falling after its longest run of gains in four years as iraq looks to increase its exports amid a glut. they say they will boost crude shipments by 5% in the next few days. on into a bull market thursday amid speculation that the informal opec talks next month may lead to action to stabilize the market. in the last three weeks, nymex gated 20%. how do you do kuroda says -- in anruhiko kuroda said interview that the boj won't hesitate to act after discussions of a comprehensive review. pfizer is said to be nearing a deal to buy a biotech company for $14 billion. people familiar with the situation say an agreement could be announced as early as today, and pfizer is expected to pay a premium of 26% on the clos

as-expected data is seen as a lowball sort of environment, one in which currencies likely , for example rupee. payroll numbers of over 150 k, that will affect the fed far sooner than markets pricing in. i think in the short-term, the markets are going to take 150 k numbers and say we still have to wait for another number before the fed acts. tom: bring up the chart. alan ruskin mentions the brazilian real. on, alan, this is a banana republic. of massive lula appreciation brazil. been one train wreck after another for this beleaguered nation, has that? alan: i don't think so. you have a long run chart there. tom: bring it up there. a massivet is depreciation of the brazilian real. alan: it is a sprint uphill there, tom. there was a period of extraordinary weakness. the idea of a brazilian miracle, where some people saw maybe in 2011, there was a chinese-led commodity boom. i would not single out brazil particularly as the only country that has been subject to that rethinking. tom: bill gross talks about where the locomotive -- what are we, the cleanest dirty shirt, or the dirtiest clean shirt?

indian prime minister gets his biggest win yet and why national business boost comes in time for the rupees go to the markets desk where julie hyman has the latest. julie: we are seeing records today for the s&p 500 and the nasdaq. the nasdaq has a lot of movers helping boost the index. we are seeing a little bit of a giving up of steam in this rally. the s&p 500 has touched an intraday record as did the nasdaq. let's look at the nasdaq performers. charter communications is out with earnings. it bought time warner cable and networks and is now the second largest cable provider and beat estimates. microchip technology is out with its numbers and earnings per share and operating margins. it beat estimates and bloomberg intelligence says their apnel ision of app now paying off sooner than expected. is a top for and is out with its earnings after the close of trading. amidst the talk of records and incremental gains, the volume today is down pretty sharply. svs. is the new in the middle of this screen is dayvolume versus the 20 average. it's down by about 17%. and technologye volume are down i

. >> hi, i'm katie rupe with techcrunch and dennis, his wife is about to have a baby any runs off , so if he stage, it's not because i'm asking a tough question but it's legitimate reason. >> i put my phone right here where i can see it, just in case. okay, all right. i understand. i guess that's kind of a big deal. we have jeff here, the incoming -- or the new ceo. what's the chance over the ears, you started out as a location-sharing app. and now you have two apps, a yelp competitor and the swarm. you're also a data company now. that. get to all of but i wanted to talk to you about your new roles. as executive chairman i wanted to find out are you so involved with the day-to-day? how are things different than before? >> day-to-day at the company five days a week. of things going on at foursquare both on the business and enterprise side and trying to make sure that we get to focus on the things that represent the reasons that we started the company. so a big reason for the role switch is that as it matures and turn into the amazing business we knew it would come, extremely talented bu

i had a chance to talk to marco rupe i don't yesterday about a number of thorny issues donald trump hasaign trail including on immigration. >> do you hope he reverses his position to deport the 11 million undocumented -- >> i've consistently said that i don't think that's a realistic approach. >> is it realistic to build a wall -- >> not a wall across the entire border, but key sectors, yes. >> force mexico to pay for it. >> mexico is not going to pay for it. that's our national security interest. >> should donald trump soften his rhetoric? >> i'm more focused on the democrat's rhetoric on this issue. >> clearly pulling his punches on this issue after having the nasty primary campaign, rubio also would not take back any of the criticisms he launched at donald trump. i asked him, well, how do you stand with those criticisms you launched at the campaign and still support donald trump? and he really did not want to address that, instead focusing on hillary clinton and trying to tie hillary clinton to his democratic candidates. we're seeing both candidates on both sides dealing with the fac

katie: hi, i'm katie rupe with -- techcrunch.t and dennis -- his wife is about to have a baby any moment if heun

it has made health care worse. , it neverfailure received the majority of americans rupee the -- or saving it. donald trump will say what do we have to do to make it right again? roger ailes, one of donald trump's friends -- guest: i know he has been formal advisor, he is a friend. i think campaign is saying that's not right. i think he advises him and their friends. create as that problem? guest: if there are charges. there is good and bad and it is fair for people to assess question. getting -- has been getting involved in presidential campaigns since richard nixon. if some of that is an donald trump seer, that's a very positive thing. lightjust a few seconds event -- left. and from our independent line. caller: lifelong democrat voted for trial. deportation, his stand just don't let them in. --ope guest: you are not the first am a crowd to tell me that. democrat last night who is voting for donald trump. there is a huge crossover of democrats for trial. -- voting for donald trump. donald trump is saying ace on one thing, i think people need to go home. can make come here who america bet