take a look at softbank.watching any news related to the sale to buy investments from softbank. that could value the u.s. asset manager at more than $2 billion, according to people speaking with bloomberg. the abu dhabi sovereign fund can announce that agreement in the coming weeks. we see softbank under a little bit of pressure. but it is downsized across japanese markets. across the broader space right now. paul: still to come. we explore the challenging macroenvironment of cryptocurrencies with kevin lou, who is seeing more money coming into blockchain startups. up next, joyce chang joins us from the apex cfo and treasurer's forum. this is bloomberg. ♪ shery: jp morgan holding the annual asia-pacific cfo and treasurer's forum, bringing together leading corporates in the region. let's crossover to haslinda amin with our next guest. >> this forum is being organized against a very challenging backdrop. aggressive fed, keen dollar, and risk off -- bond market is already there. stocks might be getting closer to

it all has to do with record loss in the tech portfolios that softbank has. very much a sign of the times. companies taking these losses now reacting aggressively to navigate the territory. >> let's get you to first word headlines. liz truss is not backing down on economic policies. she is betting russia's war on -- blaming russia's war on ukraine telling the bbc her government has done the right thing. >> what we are focusing on is delivering the growth plan and making sure with things like our energy inflection the people across the country are protected. without growth, you are not going to generate the income and the tax revenue to pay for public services we want to see. that's why the budget was absolutely essential. >> u.k. labour party has surged ahead in polling. the opposition now has 33 point lead over the governing conservatives who are under pressure. the pull comes ahead of the conservative party's annual conference on sunday. china is allowing some cities to lower their mortgage rates for first home purchases. it is a bit to help stimulate strug

shery: peter elstrom on softbank.ring investments and a closer look at china on mls day, the medium-term lending facility. that is coming up with s&p 500 global ratings. the market opens in sydney, so land tokyo our next. -- sydney, seoul and tokyo next, this is bloomberg. ♪ . ♪ shery: this is "daybreak: asia," counting down to major market opens as authorities in the region defend their currencies on a stronger dollar. the greenback as easily little since u.s. cpi numbers but we are watching china's mls right -- rates. last time we saw a cut in august, we saw incredible yuan weakness. haidi: potential whiplash for beijing as the president is on a trip to meet vladimir putin, his first trip outside china in 1000 days during the pandemic shutdowns, but also we are seeing a muted reaction when it comes to the recovery rally in the u.s., here in asia. shery: we are watching the currency markets very closely because we have seen incredible weakness in the currencies, the japanese yen now seeing a little strength against t

softbank to be making some staff reductions.of these jump cuts hitting tech, next. this is bloomberg. ♪ shery: growing economic pressures around the world, the tech world is seeing some changes. meta-, facebook parent is cutting its headcount for the first time in its 18 year history. bloomberg su keenan joins us with the latest. what do we know at this point? su: one of my colleagues at bloomberg heard there was a q&a with mark zuckerberg, the ceo of meta, and staff and they have these once a month. during the q&a it came up that this would be the first ever budget cut for the company since it was founded back in 2004. sweeping changes, reorganizational, all aimed at cutting costs. the main takeaway is the hiring freeze, which involved a little bit more than not hiring, employees will unlikely be replaced. there will be some reduction in the headcount with the company calls managing out people who are not successful, translation, the lower performance have shown the door or cutting costs. the warning to employees that there wou

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it was softbank's money. has some incentives themselves for putting the money in the second fund, then he would not have to necessarily have to pay money to soft bank >> too complicated for me. >> this is just from reading the "journal" story this morning >> my understanding, there was some soft bank balance sheet in the first two funds. >> he had personally -- not his own money. >> he owns a massive stake in soft bank. >> he personally said if it didn't come back, there were losses there, he would have to put money into it. there were questions to that at least that's the elusion from the wall street journal. >> the dow was just down. >> oh. futures up by 5 points up by 3 points after a loss of more than 1250 points yesterday. how it started this morning, up 150. how it's going, flat >> yesterday's move in the market and it was the worse day and the dow suffering its seventh largest point ever it was the fifth largest point loss ever. this morning the futures are flat up by about 7 right now for the dow. we

we can count the snaps and hoods and coins among them. >> softbank's vision fund was largely based onn these world-changing technologies at a late stage that's exactly what vcs and private equity are doing as these public companies are trading at huge discounts. they want to get in and buy them now that they're public but cheaper where folks like softbank were funding them to begin with you've got to have the right idea but at the right time >>> well, quick programming note as we head to break, don't miss tonight's cnbc special report back to business back on what this morning's job number means for markets, what the return to work looks like and a whole lot more tonight at 6:00 eastern don't go away, "tech check" is ckn montba ia me bubbles bubbles bubbles bubbles there are bubbles everywhere! as an expedia member you earn points on top of your airline miles. so you can go see even more of all the world's bubbles. >>> the test at 3900 you've got pretty much every s&p sector green, vix below 24 on the ndx, dee, about a 9-1 upside day pretty healthy, although the week itself has not be

at the time, softbank had marked down 284 companies in its portfolio.kdowns included hundreds of companies including the likes of -- and softbank does not provide a comedy back of any breakdown. a report shows how oyo has been -- [indiscernible] haidi: this bid has been problematic. there has been a lot of unflattering comparisons to the likes of we work. what went wrong? >> it is not just specific to oyo. you mentioned wework. a lot of privately held companies have suffered valuation slides. this is not particularly good for oyo which is actually preparing to go public next year. sources have told us the firm may be targeting a valuation closer to 5 billion u.s. dollars. but, it depends on how the market performs from here and whether investors are willing to give the company high multiples. haidi: let's get you a quick check of headlines. -- plans to leave the u.s. market following -- considering -- investment bank. credit suisse -- investors for -- the bank is undergoing its second restructuring in less than a year. botts has any report that it is le

softbank has flashed valuations as it heads to an ipo.g start up was by the dollars in 2019 now, softbank has cut the estimate of value. an investigation of the cyberattack that potentially expose customer data, it said names, birthdates, phone numbers and email addresses may have been accessed. optus is working to reduce risk to customers. castle is considering a third factory in europe. the first european plant will start production germany later this year, and it recently announced plans for a factory in hungary. the european president says pent-up demand, and there are challenges from the current energy crisis. david: speaking of transport, transport stocks on the up. were looking at the names trading in hong kong, on the back of plans from policymakers to cut. we are watching hsbc. yvonne: it was falling. other banks falling. all raising rates since 2018, following what we saw with at some remove with rates. mortgages, if you have one, for the banks, analysts are saying this could be a good turning point for these banks when it comes

at this point, we understand there's no change in current plans for softbank to list arm in the u.s.lways been their intention. they have repeatedly said this, and it is supposed to get them a huge amount of cash with a successful ipo, but given the current market situation, how markets have been very weak and how ipo markets don't really look very positive for the next several months, there's been a lot of speculation that this may not be as successful as everyone hoped, and there were hints it could be more than an ipo, but we will really have to see how things evolve from here. haidi: here is a quick check of the latest business flash headlines. jp morgan's ceo has slammed cryptocurrencies again, calling them decentralized ponzi schemes . jp morgan is involved in using blockchain's for financial services such as its own gpm coin -- jpm coin. citigroup's ceo said the bank would likely significantly decrease its presence in china if the country invades taiwan, emphasizing that it was a hypothetical scenario and not without consulting the u.s. government. citigroup has 13 banks acros

softbank has begun laying off employees at its vision fund. say softbank expense to cut at least 30% of its staff. the london-based visions fund unit had 500 employees and recently posted a $23 billion loss with most of that coming from a plunged in valuations. porsche confident that despite a lackluster ipo in germany thursday, they just eked out again turning its trading debut with the ipo valuing the company at $73 billion. it cfo told bloomberg the company can beat its revenue target for this year despite the death of macroeconomic situation. this on that conversation. >> [indiscernible] -- proud and i would like to say thank you to our team. [indiscernible] >> i cast my anxiety to 2018. you came out and said maybe we should ipo with a market cap of -- there was pushback internally and externally. do you feel vindicated? >> absolutely. the top five over four years. [indiscernible] >> how are you going to cooperate between the parent company volkswagen and porsche? you have more independence now but historically there has been tension betwe

softbank discussing the possibility of a third vision fund.s is bloomberg. ♪ an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards. rishaad: 11:29 a.m. in tokyo. they are about to go on their lunch break. topics moving to the upside. the yen yen is stable for the moment. a bit of caution there as they anticipate that verbal intervention. mornings yesterday that they do become a reality. then they get kiboshed and caught on the wrong side of the trade. travel stocks doing well in anticipation of personal travel. yvonne: you have to wonder what they will do ahead of the fed. ups had a note. the fact that they are calling these traders is like psychological warfare between japan and the market. we are thinking about it. david: we know it's here. who is going to call the bluff though? it has been trading in a steady range. the exchange rate is back to levels that preceded the last bout of direct

softbank group has begun laying off employees at its vision fund.rces say softbank expense to -- expects the cut at least 30% of its staff. the london-based visions fund unit had 500 employees and recently posted a $23 billion loss with most of that coming from a plunge in valuations. there confident despite a lackluster ipo in germany thursday, they just eked out again turning its trading debut with the ipo valuing the company at $73 billion. it cfo told bloomberg the company can beat its revenue target for this year despite the difficult macroeconomic situation. here is some of that conversation. >> we have successfully mastered one of the biggest, largest ipos in europe ever. we are very proud and i would like to say thank you to our entire team. whose work has insured that we can stand here today. >> i cast my anxiety to 2018. four years ago. you came out and said maybe we should ipo porsche with the market cap of 80 billion euros. there was pushback internally and externally when you came out with that. do you feel vindicated? >> absolutely. th

we're told that evergrande the seeds to pay a debt abu dhabi investment softbank group. u.s.anager of more than $2 million. >> let's have a look at somebody's nc market. the onshore rate. certainly, there are some adjustments along the way. they are talking about how investors should not make a big deal about it. coming, let's go back to the graphic. all-time lows. had a 57 handle on the seat. about 1400 on dollar korea. dollar-yen talking about the need to maybe do something if these things and you. >> oil prices as well. a lot more to come. (police radio call) (sirens) (news report) - [announcer] imagine having fuller, thicker, (sirens) (news report) more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat mu

softbank group has slashed the valuation of a hotel system.rces tell us they have cut the rate of value to $2.7 million. they're investigating cyberattack. names, addresses, and email addresses may have been included. there is skepticism over how long the advance in japanese currency can hold. this doesn't change the fundamentals of why we see we as in the yen in the first place. >> there is still a gap between the u.s. and japan but the question is whether the boj would be able to execute this wish of the ministry of finance. in terms of a level of coordination, it appears that the bank of japan acted unilaterally. did have the fed in the u.s. and the ecb say they didn't plan even though the u.s. -- unless you have a coordinated action like with the euro at the turn-of-the-century with the fed and ecb, it is likely to have limited firepower. you still want to put this move yesterday and it to focus. if you bring up this terminal chart, you can see the intervention is extremely rare. the last time that officials intervened was back at the heig

the abu dhabi sovereign wealth fund is nearing a deal to buy fortress investment from softbank.could value the u.s. asset manager at or than $2 billion. in 2017, it was one of the anchor investors in the first vision funds. aman is mowing the sale of new york city's most expensive hotel. the property could fetch $600 million in ace traction -- in a transaction. it could be the largest sale of any hotel in new york since the pandemic. bank of america is planning new return to office policies. the plan will be based on feedback from staff surveys and will be specific to each business unit. francine: i am starstruck, they are getting the big guns to read first word news. coming up, the uk's new prime minister selects her cabinet and promises major support to tackle soaring energy bills. this is bloomberg. ♪ an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. vi- [announcer] imagineds. having fuller, thicker, more voluminous hair instantly. all it takes

speaking there was a lot of money in the ecosystem last year whether it was from folks like tiger or softbankr others, and what they did is they played a very important role in financing these companies. what remains to be seen is the role that they will play and other growth equity players will play in getting these companies on a path toward profitability, an ipo maybe not in 2022 but in future years? their mindset, how they adjust will be very telling in the coming years. we look forward to working with them and other investors in that realm to see how you build long-term sustainable businesses. that is the goal. emily: gary formally of initial i has been tapped to run another company. there have been many startups born in a downturn like airbnb, stripe. what do you think it future accelerator in a down market when there are other accelerators out there now trying to do the same thing? >> the last two days have been the y com days. we have had a very strong relationship with them before. we think it is one of the crown jewels of global innovation. every six months there are hundreds of com

will you talk to uber and softbank?r framework is one of the top that we have discussed. one of the first pillar they alluded to was cash preservation. we are making sure every penny counts and every cost is been optimized. we will continue to be disciplined to make sure cash is preserved. we are very fortunate that we have one of the largest balance sheet in southeast asia. we will continue to make sure we deploy our capital appropriately and in the most disciplined way, and make sure our balance sheet is strong with ample liquidity. ed: what about the -- markets? peter: we have one in existence. we have a facility. it has been in place for the last two years. it is part of our capital allocation framework. different capital structure works. we are in a good spot now in terms of where we are with our balance sheet. as we get to breakeven in the future, we feel that our balance sheet will continue to be strengthened in the future years. ed: that was peter oey, grab's cfo. meanwhile, the arcade game astro has come to lif

softbank's masayoshi son discussing a potential partnership between arm and samsung.said his focus is to take the chipmaker public in the u.s., after the sale to nvidia fell apart. jp morgan ceo jamie dimon has slammed cryptocurrencies, calling it decentralized ponzi scheme's. testifying in congress, he said stablecoins would not be problematic with the proper legislation. jp morgan is using blockchain for financial services. david: equity markets are in bad shape. look under the hood. everything down. we're down on the benchmark itself. it is the inflation story in the fed leaning on that inflation story. a lot of people are blaming the fed. rishaad: right. coming up. tackling red-hot inflation. this is bloomberg. ♪ rishaad: 11:29 a.m. japanese markets going on their break in a minute. we have the boj expecting to come out with their latest verdict on monetary policy. no change expected, but we are waiting. we are looking at the topics and the nikkei two down. sony, one of the biggest fallers on the topix. david: when you look at this graphic of where we are in this

joining in and joining josh kushner's firm thrive capital and wall street journal reporting that softbankup looking to launch a fund run by the global tech investor and get into a lot of startups there and former cisco ceo john chambers working on a startup called nile and owns 10% of the firm and other investors in nile include eight cv run by joe lonsdale joining me in a fox business exclusive and cofounder of palentire technologies. thanks for being here. >> thank you, liz. liz: how are you absorbing all of the market moves and the atmosphere that we have, which is a rising rate environment. >> you know, late-stage technology sold off a lot in the public markets and more to come down in the private markets but the innovation world, venture capital world where the most confident mere are in the u.s. and legends like john chambers scaling up to giant places, you got to go there to work with the best people to build new things. liz: it was about a year and a half ago when vcs and spac world mergers were going up and things got frothy and we know the story about tyger global that spent mon

softbank founder messiah she sign is said to be reviving discussions to start a third division fund.e has raised billions of dollars in cash recently, and he sees another startup fund as one of his possible priorities for the money. google is making cuts to area 120, it's in-house incubator for new projects. the tech giant is aiming to control spending and working to improve efficiency as ad budgets tighten. the affected workers will need to find new roles at google within a certain period of time or lose their jobs. this company from hong kong saw a record 312 percent surge in new york as frenzied buying added $27 billion in market value. the surge triggered multiple trading halts. amtd has seen its stock rocket since listing two months ago. at one point it was the most valuable listed companies in the world, ahead of goldman sachs. that's it for "daybreak: australia." we have "daybreak: asia" next. we are seeing a bit of upside in futures trading at the moment. this is bloomberg. ♪ millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile.

the key lieutenant to softbank is playing a key role in brokering the deal.are told he could announce an agreement in the coming weeks. tencent is said to more than double at stake in ubisoft buying 30.9% of the gmo's money. the move gives the brothers time to get the company back on track and retain control, as governments will remain unchanged and tencent will not have any operational rights. paul: let's take a look at the day ahead for australia and new zealand. second quarter gdp in june, few hours in australia. bloomberg economics sees growth expanding at a rapid pace. heavy rains may have crimped activities in a number of sectors. we are keeping an eye on mining shares, following a bhp statement that a looming surplus in copper and nickel, will give markets a bumpy couple of years ahead. shares of australia and new zealand banking group, after macquarie raised its position from neutral to outperforming. shery: take a look at the aussie dollar, holding steady, this of course after a plunge, after a boost, after we saw the rba raising rates, by 50 basis p

global tech investors softbank is considering the launch of a new giant start up an adjustment fund.t is part of a plan after it has been hit hard by the route in tech stocks. friday could prevent railroads from transporting key goods. it could cost the economy $2 billion a day. president biden is personally trying to break the logjam. secretary marty walsh will meet with representatives today. alix: thank you. more on the rail strikes. michael mckee joins us now. you're going to say a lot of times the strikes get resolved last minute her let's pretend that we know that. what kind of goods have stopped being transported and what is the economic effect? mike: they have stopped of ammonia shipments which are key in fertilizer. that is a big deal for american farmers because ammonia is so volatile. you do not want it sitting around in tank cars. nor folks covin will stop taking deliveries of cars at its rail loading site. the automakers are going to not be able to transport new vehicles to dealers. we have already heard amtrak has canceled some of its long distance service that runs ove

softbank group has started laying off employees at its lossmaking vision fund, they expect to cut atst 30% of staff from the london unit. the vision fund recently posted a $23 billion loss with most of that coming from a plunge in valuations for portfolio companies. china is allowing some cities to lower mortgage rates for first-time home purchasers to stimulate the housing market. the cities will be allowed to lower or remove the minimum interest rate until the end of the year. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. coming up, liz truss's conservative party has its annual conference millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... add a line to your existing plan, or see for y

ftx's prevention bankers softbank and sequoia among other names and the deal koss change in coming weeksmonths. bottom line, money raised here will be used for more m & a. talked before about the crceo's role as a consolidator and looking gaining users in the u.s., not pure play crypto companies. one to watch in the next couple weeks, a source close to that process telling me binance, another crypto exchange and ftx front-runners to buy voyager our bankruptcy disruption. back to you. >> interesting, kate you mentioned ftx a consolidator back stopping other players. whether it means kind of making sure counterparties are liquid and all the rest of it along the way. i wonder if that changes the assessment of what the new valuation might be what i mean by that, if now a bigger company bought a lot of other stuff relative to when it last raised money, is it apples to apples to say it's a flat ruined >> a flat round? >> taking on leverage here will the value of their books be the same and has that changed in the back end one down side of covering some of these private companies is you don't a

backers so far, avery dennison, verizon ventures, amazon, samsung and softbank, total funding $270 millionan this technology reduce waste, but it also enables companies to quantify far more accurately their carbon footprints from the point of manufacturing to consumption and that would be helpful for corporations as new regulations on emissions are clearly coming, tyler. >> these tags, they tell you where the product goes, is that really the heart of it >> they absolutely do. that's the whole idea, whether it's a vial of some pharmaceutical or a vaccine or a zucchini, it tells you exactly where it is. what the temperature is, how long it's been there >> and what is the nature of the sensor that picks up that data >> it's bluetooth. i want to say it's high technology, but it's not. >> is bluetooth on my phone, my home -- >> and that gets transfer rd. >> how much does it cost are you tagging every single zucchini every vial. that is proprietary information and it will save all of this money in the end if they have that waste, if they can tell where that zucchini is and it's not going to go b

softbank has cut its valuation to $2.7 billion.ended its streak of record-setting prices in august. appointment leases were at the median price of $4100, down from july's all-time high. that is according to miller samuel. the august median was up 17% from three years ago. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm lisa mateo. this is bloomberg. ♪ >> the reality is, we take a mild recession today and eradicate inflation now, because we know the mistakes of the past. that doesn't mean they will not make a new set of mistakes. which is what i'm worried about. tom: it is thursday. diane swonk, chief quantum asked -- diane swonk, chief economist of kpmg during -- kpmg. just lights out of their interpretation. we look forward to rejecting that early november. right now -- and i'm doing this for global wall street -- is a clinic. ira jersey, long ago and far away, work for global wall street. he wrote the kind of notes where you would get

to highlight here that is firm on monetary ground and fiscal ground and sound economic policy is softbank much is that reflected in terms of outflows from emerging markets? >> for sure there are outflows in certain regions. current account deficits and when u.s. yields become more attractive but emerging markets are not homogenous. there are big differences in emerging markets who are exporting oil and related to the whole cycle in commodity prices holding up much better. the middle eastern countries impact in the emerging market debt is quite appealing because of the fundamentals of the country with stronger growth rates easing better. haidi: please stay with us. we will get more views with you. but first, vonnie quinn. >> president xi has reemerged after not being seen in public for two years. he was at an exhibition in beijing on tuesday about china's achievements. saudi arabia is 86-year-old king has appointed his son to replace him as prime minister. he already overseas saudi arabia is major portfolios including internal security. his father remains head of state. bank of england chi

softbank is trying to cut 20% of staff and its vision firm operation.rs as scrapped a plan to set up a country -- factory in russia. a pipeline shut down worsening the energy crisis in europe. japan's airlines and another carrier have canceled dozens of lights. moving on to a market check, the dollar has so strong, where are we going on the first day of this asia trading week? the dollar index strengthens just a little bit. the aussie dollar off its best level ahead of the rba decision, another 50 basis point rate hike expected. there are questions hanging over the central banks right now. we take a look at the japanese again at 140.49, dollar-yen holding onto gains. we continue to see it strengthening, so this is a big question for the asia trading day and of course japanese equities about to open, korean equities about to open, and we will be closely following the china open just one hour or so from now. in terms of the bond market, we have got green on the screen across the board, a sense there might be respite from the most aggressive rate hikes pos

global tech investor softbank is reportedly considering the launch of a new giant startup investmentwall street journal, it is part of a plan to rebound after the core performance -- poor performance at its two earlier funds. it has been hit hard. it posted a loss in june. and how to than expected u.s. inflation data caused jeff bezos to fall $9.8 billion esther day. it was the largest climb on the billionaires bloomberg index. elon musk's net worth dropped by $8.4 billion. a portion of america's are just billionaires fell by $93 billion, the ninth worst daily loss ever. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 100 27 journalists. i'm lisa mateo. this is bloomberg. ♪ >> we think that the fed will try and stick to this higher for longer mantra, but they will see a softening in economic data and the tightening today will risk overdoing it in the future, and that is probably going to result in a recession. jonathan: the risk of overdoing it, with mark cabana, head of u.s. rates strategy at bank of america. that team, they are calling for a reces

. ♪ >>> softbank's vision fund is planning to cut 30% of its staff following sharp losses for the fundg to people familiar with the matter who spoke to bloomberg they say the layoffs had alread started. they had a record $23 billion quarterly loss most of that came from a plunge in the value of portfolio companies. the vision fund unit has 500 employees. >>> docusign is cutting its workforce by 9% in response to slowing demand and staff turnover they're the latest of the pandemic stocks like peloton who's growth stalled during the peak -- after the peak of the pandemic for more on this, we want to bring in steve case, aol's co-founder who is the ceo of the investment firm revolution he has a new book out this week called rise of the rest, how entrepreneurs in surprising places are building the new american dream steve, thanks for being here. >> it's nice to be in the studio >> i know. we had a chance to talk off camera -- >> someone behind me was giving me a shoulder massage. >> razzing him from -- >> you have strong hands, my friend. >> there we go >> i didn't have -- did i say no you