the smes to become more competitive, supporting them...ion, automated methods of production? they can, they can. look, i came back from nairobi, kenya is today the number one exporter of high—quality avocados and you will tell me, pfft, well... where is the added value? look, for the 200,000 farmers in kenya whose families are living on avocados, moving from exporting avocados that were fetching five shillings, to avocados that today fetch 20 shillings, which makes a huge difference, for the children that go to school, a huge difference for the children that go to get healthcare. you need value added. you're not getting that. that is value added. the big chocolate companies make all the profits from cocoa, not the cocoa producing countries. no, no, no, zeinab, let me get this point, before plain avocados got five shillings, today these meet the standards in the eu, 20 shillings — more than 200,000 farmers, many women, by the way, because avocado is a female crop, believe it or not, they get a better income through international trade, so b

quarterlyhere will be targets for sme's. these sme's should benefit.the banks china still see high credit risk of sme's compared to other loans, so may be the pboc has to change their assessment parameters so that banks will be more willing to lend to sme's. otherwise, a cleanup of p2p lending platforms will mean the sme's will go to underground lending, or other lending. haidi: iris, thank you so much for that. bank greaterg china economist. plenty more to come on "daybreak asia." this is bloomberg. ♪ haidi: let's take a look at how markets are faring in the early part of the session. trading underway for the nikkei 225. kospi holding steady ahead of key trade numbers out of china, and here in australia. ♪ haidi: half past 8:00 in singapore, have an hour from the open of trading in the lion city. a pretty gloomy day in singapore, but a mixed picture when it comes to the markets, watching of course the open in mainland china.the biggest question , whether we see that rally in the yuan and equities, meaning we have finally found a floor for chinese asse

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market, investors don't like to buy smes. it is a segment that has had price inflation.ot of people come to your show and talk about high property prices, but how many talk about high telecom bills in the past 10 years? you probably have the second ring road property in beijing going up 10 times, but china mobile bills have gone down. the inflation as so eat no retail angle has gotten week sentiment on reception. rishaad: would you say there is people come toat the market in anticipation of a quick buck. this is more of a utility than anything else. >> exactly. point, this is not the sexiest of stocks out there, but what it offers in return is a stable return, stable cash flow, and this is the play of towers. also in is massive, but europe and the u.s. have been the flavor of the month or the last couple of years. we have seen a lot of ipos and consolidation, and of course this is an asset that is very stable, but at the same time, nobody is going to jump into it. does not haveura a rating on the stock, but there is some context to the point man uel is mentioning. we did

> she eventually got to talking to aretha franklin last night at the mtv video music awards, but yi smee ging a tribute t anycase, mtv also pla respect in the credits at the end of the show. franklin died last week. she was 76 years old. >> a big winner last night. jennifer lopez accepting the michael jackson video vanguard award with a rousing performance. it covers two decades of her greatest hits from her debut album "on the 6" to her newest album "dinero." ♪ my love don't cost a thing >> thank you to the fans. you have touched my heart, my soul, and become a part of me. >> you know, when i grow up, i want to be jennifer lopez. >> me too, boy. >> this is her first time performing on the awards show since 2001. and past recipients of the vanguard award include madonna, justin timberlake, and beyonce. >> she looks like sheid youer e too. yeah. >> good for her. >> well deserved. >> she discovered the reverse aging process. >> where wish she would share the secret. >> very nice. you know, aretha franklin got a lot of play in the uk when i was there. really nice, really refreshing to see

by british firms and we do hope that this visit, particularly by the fact that there are a lot of smes and greater opportunities between the two nations. i suppose what my question really is is can the uk can pick especially with china, which i know has invested in some big infrastructure projects, particularly in kenya, hasn't it? well, we cannot predict what britain is going to do on this visit, but we have seen yesterday that in south africa theresa may announced additional amounts in excess of £4 billion. i think britain might not be able to compete with china but i do think there is greater scope for participation. there is a lot of opportunities for investment. and we also believe in the traditional ties that are enjoyed by these two nations will give it an advantage in terms of being able to negotiate for additional play. as you note infrastructure is a long play and there is also room for britain to come in and take part in these investments —— as you know. come in and take part in these investments -- as you know. and do you think that there might be more opportunities for the

stronger entity our strategy works we are growing double digit, growing well in all channels including smescash loans, mortgages. the idea works what is also relevant given where we are in the global cycle. i remember from my washington times, in times of crises it's local banks that did not withdraw liquidity from local markets. from a stability point of view it's good to have the 50/50 in terms of foreign versus domestic ownership. >> i have another question about poland an eu judicial organization said yesterday it would suspend poland because of the legal disposition in the courts. do you think the courts are no longer independent of government and what does that do for the enforcement of contracts >> first of all, we know from our corporate clients we are the largest lender to for kin companies in poland. courts have been slow in poland including for corporate law proceedings. so one of the ideas and the drivers for the government to change this is to make sure you speed up the pace of courts operating. maybe not as bad as some countries south of italy, but we are hopeful. the whole bu

smes she is a low life. >> she is a low life. ana we should point out the white house pushed back on allegations from omarosa. sources tell cnn this is a strategy to try to poke holes in her credibility. similar to what we saw after michael wolf published his explosive book, we will likely hear more from the white house attempting to poke holes again in omarosa's arguments. >> in the meantime president trump slamming his own attorney general jeff sessions in of an afternoon tweet storm. >> that's right, president trump taking to twitter to voice displeasure with his own department of justice, with his own fbi. here are the tweets from president trump. he writes, quote, the big story that the fake news media refuses to report is low life christopher steeles many meeting with attorney general bruce orr and his wife. it was steele that was hired to write the phoney dossier paid for crooked hillary clinton do you believe nellie and her husband still works for the department of justice in quotation marks. i've never seen anything so r

during the day on saturday and, of course, on oosunday, out there right now a little bit of a hazy smeuds but a lot of sunshine, too. temperatures are2. 92 again. winds out of the west 9 at 9 mis per hour. we saw 92 yesterday. that's well above average, but the humidity is down today so it's not quite as uncomfortable past couple n the of days and this evening really nice. 89 martinsrg and 88 towards fredericksburg so it's warm everywhere. expect it to be warm this time of year. showers and storms and nothing around the d.c. metro area now. they are all way to the north up heound the hagerstown area. you can see front right in here. here's the front making its down from the north and coming down our way. here's another spin in the atmosphere. these will come together over r region overnight tonight and tomorrow. we could see rain at any time tomorrow. e really is a chance during the day. 8:00 a.m., nice some shower activity over parts of our region and notice most of us remainwe dry. e got some showers around and most of us are on the dry side and even through the late afternoon and th

and the sociuthern district smes blood and they go to get it. immuneity means that the southern district has looked at these two individuals and they both invoked the fifth amendment. and the southern district made the judgment that they have something valuable that we want, and we're willing to give them a pass via immunity to get it. >> so immunity is big. do you think this could signal this goes beyond cohen? >> not really because the type of immunity he was given, and granted related to cohen, it doesn't sound like it was carte blanche i believe community for anything he may have done ever, but it sounds like that it receded the plea that ultimately came forward with cohen. in other words, he spoke about cohen, maybe cohen and his attorney knowing this was out there it is part of what prompted them to enter the plea that they did. >> i'll respectfully disagree. it is not just limited to cohen. anyone who is involved in these payments, the information lists individual one, individual two. there is speculation who those people would be. but wh

investment by british firms and we do hope that this is particularly by the fact that there are lots of smespartnership. we'll forge more partnerships and greater partnershiplj we'll forge more partnerships and greater partnership. i suppose what my question is can the uk really compete especially with china which i know has invested in some big infrastructure projects particularly in kenya has and it? well, we cannot predict what britain is going to do it on this visit, but we have seen yesterday that in south africa to raisonn —— theresa may announced investments. i think it may not be able to compete with china, but i think there is greater scope for participation, and opportunities for investment and we also believe the traditional ties are enjoyed by both nations and will have an advantage in terms of being able to negotiate for additional play and as you know if researchers along play and we do think there is also room for britain to come in and take a part in this investment. do you think there might be more opportunities for the uk in kenya and indeed wider africa, onceit uk in kenya

on the trade front, you could have massive default of sme's on the coastline in china.it still would not cause an upset politically. i think the political will is there to do quite a bit. it is a leadership doesn't know what that should be. rishaad: market was, what are the implications? have we bought them down? andrew: that is a crucial issue. it is a fight between the uncertainty of the trade war, not the actions, but the uncertainty and whether the chinese government will stimulate enough to overcome any problems. right now, the market is favoring the uncertainty. quite rightly becausequite righp administration is being aggressive. as a stimulus measures come forth, and it looks clear that they will do a modest stimulus, i have a feeling it will bottom out quickly because the trade stuff is going to drift on for a while no action. investors will say, wait a second, nothing is happening, let's get back to business. rishaad: this is an issue which is being looked at closely. it seems that we have declines the whole time for the equities on the chinese markets. bit of

pushed the boundaries, madonna creating her own identity by aggregating iconic women of the past as smehe greatest thing i've ever done. >> madonna is raising five other inch which, four adopted from the african country of malawi where she opened a pediatric hospital last year. she may be turning the big 6-0 but this superstar is just getting started. she into directly to her critics in 2016. >> your resistance made me stronger, made me the fighter i am today. >> i'm having a flashback in college our sorority did a whole routine with madonna. >> do you remember it? can you do it? >> i can't. no. we all to dance, we wore the outfits. it was like a moment. >> we all have a memory. >> not a memory quite like that. i did see her in concert a couple years ago in miami. she still puts on a heck of a show. heck of a show. consummate perform er. >> i could patch that all day long, her iconic moves. >> you taught aerobics. >> we're out of time, time for the weather. >> gladly yield the floor. your national map, hot and dry weather in the southwest. there is a flood risk but not a lot of rain in

a lot of these people are small smes driving the economy for kenya. across sub—saharan the economy, notjust for kenya but across sub—sa ha ran africa. how much could some sort of trade deal with parts of africa help a post brexit britain, jeremy?m depends which, we have trade deals already with many countries in africa, and the terms of which they are under our very africa, and the terms of which they are under our very decent and good towards that african countries, there is a system of trade deal called everything but arms and they can export to the eu with zero ta riffs can export to the eu with zero tariffs and zero quotas. for the uk to beat that, quite difficult. china have got quite a stronghold in certain countries. how much of a challenge is that the british investment? it seems to me the first port of call for an african country looking for a big infrastructure project, a runway, railway, new motorways, for example, they go to china. why? it is cheaper to provide the growing of the local workforce but also china is very happy to do it and us

it will serve as an ease that are -- sme's. and corporate lpl's. traditional banks tend to throw these activities outside. so there is a whole to be filled. and a specialized bank will fill the whole. -- hole. we have gone through the stress test. and they were happy about the kind of resilience we gave after the stress test given the solidity of our plan. francine: when are you expecting it? --n is the first actual >> beginning of september. we will be operational and launched the new system that will make it the first bank to be fully digital. easy to say, but not to do. you have to build up a system, to have no legacies. to be state-of-the-art in the front end, the database. but it is there, everything is planned. by the end of next year, it will be fully digital. but from september, we will be able to buy utp's, npl's, and stuart crossover activity with companies that have potential. by are not fully appreciated traditional banks. francine: is it too soon to talk about acquisitions? or is your dream acquisitions? >> the only dream was a little

'sme of the fed say fiscal policy has given a stimulus, emerging market is tight. the yield if we push curve into inversion, that is potentially dangerous. the real debate is how far do we go? do we go to neutral or slightly restrictive next year? nejra: on the curve, the 2s/10s now at 20 basis points, i was talking to michael from bnp paribas and he said one thing that could come up in chairman powell's speech would be to do with the balance sheet and moving toward short duration. some reverse operation twist. is that a possibility? james: it is possible. the fed has multiple options. it can raise rates or just wanted to tightening. if you are worried about the curve going inverted, you can unwind the balance sheet pfister -- faster. there is room for the fed to do that. that justure they do yet. the debate at the moment is on how far we go with policy. maybe next year, we start to worry about the curve and tweak it then. nejra: on the yield curve inversion, we heard from raphael he wasn't too concerned about the yield curve at the moment. other fed officials have

she doesn't know what sme is talking about. ben shapiro said let's debate it.give her a chance to give her opinions out there and what i don't like about the response from cortez, it's basically first of all has nothing -- no similarities with cat calling. nothing to do with sexism. democracy, we're supposed to believe in the power of ideas and arguments and fact and reason to persuade people and have intelligent conversations. and she responds to an offer to do exactly that saying that's like you yelling sexist things at me on the street. that's profoundly idiotic. >> i hate cat calling. i don't know if these two things are similar but i think it's a brilliant p.r. stunt for both of them. we are talking about it. an interesting offer. her tweet might have been out of context. >> bill: it should go to charity anyway. emily, have a great weekend, okay? shelby, see you soon. jonah, nice to see you freed from the shackles of swamp d.c. come on back. have a great weekend. >> julie: nfl players starting the preseason with protests. the president weighing in as well.