sophie kamaruddin is tracking this for me. give us an idea of the potential scenarios. you have to bear in mind this is the first of several trials, he faces 42 charges altogether. today is seen as a litmus test of sorts of the government that took impact -- took power in march. legal proceedings have been complicated and there were several delays and others have been dropped, including his stepson. it's not clear what would happen if he is found guilty and whether sentencing would be delayed or suspended, if a fine would be imposed or bail raised. out byencing is meted the court, the defense team would probably seek a letter punishment. if he is convicted, it would prevent him from holding political office and he has said he will seek an appeal. he has been on bail throughout the hearing and has been on a campaign trail. if he is stuck in appeals court, that could keep him out of politics should a snap election be called. scenario, heher still has two trials on going with another two yet to begin for a total of five criminal proceedings related to this. trials in total.

francine: sophie kamaruddin in hong kong. fauci's warning.ingrns america risks 100,000 new coronavirus cases per day. details next. this is bloomberg. ♪ ♪ economics, finance, politics. this is "bloomberg surveillance ."let's get straight to the bloomberg business flash. >> airbus is planning to cut 15,000 jobs. it is part of the biggest restructuring in its history. about 10,000 will come from its main bases in germany and france. the company says output will be about 40% lower than expected for two years due to a dramatic slump in demand brought on by the pandemic. fedex shares soared after earnings beat wall street expectations. the carrier -- courier said it held costs in check with a mix of job cuts and reduced company -- it is also delaying investments in some projects. goldman sachs may be nearing a deal to resolve its biggest illegal threat in a decade. the wall street lender is hoping to avoid a guilty plea for its role in the 1mdb scandal. prosecutors allege goldman helped malaysia raise money, some of which ended up being diverted t

from central square in mandarin down to the east, sophie kamaruddin is on the street. what do the streets look like in this initial hours of protest under new law? sophie: over the course of the day, we saw more and more people gather seemingly without any real direction as police were out in force to dispel crowds from assembling, raising a new purple flag, warning people moving against the new security law targeting secession or subversion -- subversive activities. the neighborhoods we have walked through, we have seen people milling about trying to find each other, really, to unite. [indiscernible] some minorbeen altercations between police and individuals. we have seen the deployment of water cannon, tear gas, water bullets -- rubber bullets been used by officers. than 180 have been arrested for a variety of offenses including a little simpler seven have been arrested linked to the national security law. the interpretation was one of the things we did not really know how the law authority would interpret it. if you look at secession, collusion with foreign forces, g

joining us from hong kong is bloomberg sophie kamaruddin. great to have you with us.ay, when we were sitting here, we were waiting for details from the legislation. what do we know now? six chaptersw have and 66 articles in this document and in it, four are outlined. secession, collusion with foreign forces, all of which could carry a life sentence as the maximum punishment for the most serious cases. details were sparse leading to this juncture. they were worried over a death penalty being introduced or a retroactive application but there are no such provisions in the legislation. there are ongoing concerns over judicial independence in hong kong and the reach of the bill. number told us in -- the member told us it was much tougher than expected. it couldn't for the bill is intended to be a deterrent but the question does remain, just how will the legislation be implemented as well as enforced? manus: sophie, what are the implications for businesses? that is really what the world wants to understand. shoqat: the underlying -- sophie: the underlying message seems to b

sophie kamaruddin in hong kong. looke: asian stocks could to extend monday's gains. you have the taiex looking to extend the rally that pushed the taiwanese benchmark to a record high. today's markets are closed and we are going to learn from malaysia the latest entree data. we will get the verdict in the prime minister's 1mdb trial. when it comes to the earnings dock it, the highlights we have our yes bank, nissan and tokyo electron. we are watching fujifilm what the texas facility lined up to support vaccine candidate manufacturing as part of operation warp speed. the dollar languishing at a two-year low, adding to the short position. that is boosting demand for the yen. it is trading at a four-month high and watching for a push towards 105, which has been a barrier. a september 2018 high after a seven-day gain, which could signal a shift towards the eurozone. gold breached 2000 amid a negative u.s. rate. we are watching for silver to 25 with the outpatient gold gain on inflation expectation. jumping into the term

sophie kamaruddin with the latest on hong kong.rg's stephen engle dove into the issues in our series, hong kong on edge. here is a preview of the second part. being on anke airplane with a lot of turbulence, everybody hanging on and waiting for the plane to land. stephen: or waiting for it to crash. >> or waiting for it to class, but this is not goin to crash because china needs hong kong. they need an open hong kong. they want to keep it safe but they want to make it stronger. stephen: beijing shirley doesn't want a stronger -- surely doesn't want a stronger pro-democracy camp. protesters were accused of fostering anti--china sentiment. playing cards similar to those put out by the u.s. during the iraq war have circulated here with the faces of pro-democracy advocates, including the ace of hearts. >> there are a lot of scare tactics. many people are being scared away. they want to defeat you without using force or without waging a war. that is the way the chinese play the game. no, ii sit here and say, will never be arrested. were

that's get straight to the market action with sophie kamaruddin. apan, the topics moving lower by 2/10 of 1%. getting back some of the -- giving back some of the gains we saw on monday. the nikkei opening flat. rising over a 40 year option. a busy earnings schedule with companiest of 140 listed this week. samsung. frontrean won on the foot, trading at a june 10 hi. we are seeing some gains for the asx 200, being led higher by bhp group. the upcoming earnings season could be quite painful for the industrial and transportation space. the aussie dollar holding as we are seeing continuing climbing for the greenback. checking in on bonds, aussie bonds falling ahead of a noose indicated on being priced. futures bonds have been high ahead of the sale. we have treasuries holding steady at the start of the asia session. a series of u.s. bond sales may add to pressure on rates. check out precious metals, continuing to gain as the dollar falls through from is two-year low. ubs seeing 2000 for bullion by the end of september. check out silver, above 25 with gai

let's turn to sophie kamaruddin for a check on what to watch. sophie. taking a look across asked ask -- nasdaq, momentum surging this week as we saw tech plays staying hot, pushing the valuation to the highest in over 15 years, and here in asia, the tech rally running hot with the msci aipac i.t. index at a record high underpinned by hardware makers and sk hynix in focus with its earnings beat operating profit tripled to 1.6 billion dollars on chip price and demand recovery, reflective of economic activity picking up and that the second quarter may mark the bottom of the downturn with the economy sliding into recession. flipping out the board while the u.s. dollar remains on the back foot at a march low, the aussie dollar holding above 71 while the yield curve is flattening before the government's fiscal up to it, and the offshore yuan staying above seven after the biggest drop in two months, and traders are bracing for more yuan volatility with another u.s.-china flashpoint emerging. after slipping to a two month low last week, the hong kong dollar bac

here is sophie kamaruddin in hong kong. sophie: in asia this wednesday, we are seeing a mixed start to the session with focus on china and if mainland stocks can keep up that rally we have seen for six days. futuresd 14% so we have in the green for the most part. hang seng futures settling higher after the rally did stall in hong kong on tuesday. switching out the board, checking in on the hong kong dollar, which continues to have the 7.75 mine as they continue to defend the peg, we are seeing little reaction in the curb. jumping into the terminal for a big picture book, low 200 pips after the spike we saw in may but staying elevated on economic and political uncertainties. tracking any reaction to a bloomberg report. they are weighing proposals to undermine the hong kong dollar peg. that is the least likely option among possible sanctions. terminal forthe another big picture view, there are over 5 trillion u.s. dollars dollars inits -- deposits around the city. haidi. haidi: the spread of the coronavirus meanwhile has produ

sophie kamaruddin is in hong kong. sophie.pulling up the board to check in on how we are shaping up so far in this session, we are seeing futures go higher. the yen trading study ahead of china's gdp data due later this morning and in the jgb space, expected to see gains after the boj governor reaffirmed his stance to keep the yield curve low and stable. checking in on oil, bti hovering below $41 a barrel here. this as we analyze the decline we saw in u.s. stockpiles again -- against u.s. tensions. jumping into the terminal, the bok is in the hot seat. the central bank expected to keep rates at an historical low with implied rates pricing in one hike over the next three years. when it comes to that front, bloomberg economics is predicting the bok will not introduce a full-fledged qe program given that bond yields if relatively stable for conditions worsen further. the yield is at 80 four basis points. his stay below 1.5%, seen as a threshold that would push the bok to expand bond buying. wanting to see if yields will be pressu

sophie kamaruddin is in hong kong with a look at this. rprising that this is the climb where we see that resurgence. sophie: part of this being because of courts reopening and now able to deal with the backlog in cases. the day of reckoning seemingly has arrived for japanese businesses that are failing. the latest tally showed seven hundred 80 filing for bankruptcy in june. that is a 140 8% increase for may and the most number of cases year to date and of that, 94 were pandemic related. making for a total of 240 for the first half sectors like hotels and restaurants along -- among the worst hit by the virus. the situation for the struggling companies have been made more complicated by the hold up in government stimulus due to administrative constraints and jumping into the terminal. firms tapped emergency credit facilities and foreign cash, bank loans and deposits have climbed at a record pace in june. outstanding loans totaled 4.6 trillion dollars on average in june. that is the highest amount since march of 1999. there is a bit of a silv

let's get straight to the action with sophie kamaruddin in hong kong. they come back from a long weekend the nikkei two to five losing 1.3%. intel announced it was considering outsourcing manufacturing. we are seeing the 106 handle amid the risk off mood. jgb the focus will be on tuesday sale. more earnings on deck for financials. we are watching sk discovery and sk chemical on bill gates giving sk bow about of confidence for the effort to develop a vaccine. when it comes to movers in seoul nursing airline stocks moving to the downside, korean air moving the most in 18 weeks with the kospi adding .3% wada korean won is on the front foot below the 1200 level. to the board to check in on movers and said a. the asx -- in sydney. the asx off. high.e aussie dollar aussie bonds falling with the yield curve steepening ahead of a new syndication. switching the board to check out on a sub be minis. we are seeing little changed and treasuries holding flat at the start of the cash session in asia. traders on watch for yield to draft lower after the u.s. 10 year yi

here is sophie kamaruddin in hong kong. ie: we are headed for a soft open here in asia as we see the earnings seasons wrap up across the region. we are also watching mcdonald's is inspected to sell a chunk of its japanese business after reporting worst quarterly sales decline since 2005. hong kong expected to report an 8.7% contraction and from us really are, cpi data likely to show deflation has arrived. morning, akorea this gauge of consumer sentiment .mproved for a third month in july, a drop registered in the u.s. and precious metals remain in focus. gold steady. futures adding about .5% after we saw spot and futures pulling back from a record high ashe dollar's downtrend narrowed. pulling up, with dollar weakness fueled aplay, that has correlation between asian stocks and currencies with links at the strongest since 2013. our next guest says she is shifting her investment strategy. we are joined by the ceo of worldwide investment. we are seeing this huge rally when it comes to growth in tech stocks, also large caps with

sophie kamaruddin in hong kong. >> it is a busy day for earnings season indeed.japan we have the likes of advantage headlining along with komatsu and hitachi. we are waiting on samsung earnings. they are seeing asian stock futures mostly higher. s&p futures little changed while the dollar is under pressure. treasury futures slightly higher after a choppy overnight session. the five year yield set a record low on a dovish fed saying it will keep short rate and for longer. that message has been heard loud and clear by markets. we will show you the implied fed rates looking lower further in the future with no rate hikes until 2022 at least. new forward guidance is expected later this year. the fomc could stress actual inflation given projections it has failed to meet the goal 90% of the time. in australia, switching up chart, core inflation not seen hitting the target for years after it has failed to hit the bottom of the range for 18 quarters. pulse isationary fueling a pickup in real interest rates when the central bank wants easier credit conditions to shore up t

sophie kamaruddin is in hong kong with the latest. re looking at a quiet start with muted price action. nikkei futures holding a two-they drop ahead of japan's june -- two-day drop ahead of japan's june data. no tweak expected in china to loan crime rates. ates.ime r the hong kong dollar is a steady after last week's retreat from the strong and of -- end of trade. now, check out the euro fluctuating early in the asia session, on those protracted eu debt recovery talks. a larger euro selloff is anticipated, likely to be avoided with leaders downplaying the chances for a deal. that's the set up in australia. futures are little changed. a second weekly gain in three. a unsw business school study cited flag -- cited co ncerns. ahead of tuesday's rba minutes, the aussie dollar is hovering around 70. also bes this week will on australia's fiscal policy update. we will wait -- watch to see if stimulus will be expanded following this morning's announcement. switching out of the board, i made this global policy support, -- amid this global poli

sophie: i'm sophie kamaruddin in hong kong. our top stories this hour.inue their march into the second half in took of war between better eco-data and worries about the coronavirus. the dollar and the longest winning streak since january. president trump

here is sophie kamaruddin in hong kong. tuesday, futures are pointing to a tepid start.iwi stocks added one quarter of 1%. in sydney, the focus will be on resource players with production updates from bhp. we will also be getting earnings from south korea cosco. after moves on wall street related to vaccine development, watching stay-at-home stocks which recently lost shine in asia but that could shift with infection fears. in hong kong, thorny's are warning of a potential lockdown. today, we will be gauging reaction to news of seeking to list in hong kong and shanghai. checking in on currencies this morning, checking in on the offshore yuan. barrier which98 has cap gains this month. the aussie dollar testing 2020's above 70ding ahead of the rba minutes. with the compromise on the stimulus package, the euro is holding a two-day gain of 1.14 while sterling has slipped to a two-week low as a new round of brexit negotiations kicked off. pulling up one more board. sticking with bonds. the market is readying for japan's 20 year bond sale this tuesday. the yield is staying abo

here is sophie kamaruddin in hong kong.ellington, kiwi stocks modestly extend gains, at a one third of 1%. we could be seeing asian stocks potentially lower with aussie futures falling late in the session. copper miners after the metal goes to a two-year high on chile supply. in japan, a summer lull has descended as volumes wain. earnings could pose a substantial risk for an equity collapse. from japan today, we will get japanese industrial output. singapore is forecast to report a big dent in singapore gdp growth. chinese trade data will rightly show a slower contraction in june. offshore yuan trading ahead of that. a 50 futures have settled lower after gains that pushed china to a november high. investors are watching for total mainland stock values to hit $10 trillion possibly by this week. politics are in focus. virus measures will be imposed on the city from wednesday. hang seng futures settling higher head of that. we will face reaction to news by a proposal by trump advisors to undermine the hong kong dollar. that ha

here is sophie kamaruddin. in asia,odest gains taking a look at nikkei futures in chicago, some slight gains after tokyo stocks rose to a one-month high. sidney stocks, with gains, rising the most in a month. copper mining prices fell on concerns over south american supplies. copper futures in shanghai lost 2.2% at the recent close. keeping an eye on the chipset ande -- the chip sector, tsn see earnings do this afternoon. the chipmaker registered a 29% yearly growth in sales for that timeframe. this company expected to hold rates. indonesian central banks may continue easing. checking in on the yen, holding onto a two day again after the boj governor warned japan's recovery will be slow while the central bank held back on policy action. this morning, australia's employment numbers are expected to rebound in june. workers returned to the labor force and that will likely push the jobless rate higher. the aussie dollar holding at 70, buoyed by rising commodities it -- commodity prices. the offshore yuan trading be

let's go to sophie kamaruddin in hong kong. sophie: japanese markets are closed for a long weekend.okyo for the olympics. checking in on the open in australia, we are seeing aussie stocks open .2% lower. the benchmark is still lagging its asian peers. hong kong and tends to rectify this come at was the hang seng launching a new tech index coming monday. you as futures edging higher after the overnight retreat, which saw the nasdaq clock the worst drop among the three u.s. majors. let's turn to the open in south korea. -- isnk of korea backed going to start purchasing corporate bonds to support the credit market. the kospi is losing ground on .1%, extending declines for a third day. , withs and kia their report cards. seeing a beat on sales and operating profit, although the stock is under pressure at the start of trade. the korean won, we are seeing it back up to 100, but it is set to snap a two-week drop. the offshore yuan looking to test that 7 handle. on the aussie yen, we are seeing it state below 76 after a four-month rally. technicals are pointing at a possible double tap for

let's get to the market action with sophie kamaruddin in hong kong. ld see consolidation on late eco-data, with singapore exports headlining. we are focused on the tech space, giving signs that the nasdaq maybe speaking. peaking. we are seeing light gains for .oth the topix and the nikkei we are keeping an eye on banks and brokers as well, on a news report that the government is considering eliminating a client information firewall. ,his morning, the yen is steady set for a weekly drop ahead of the boj's buying on the front end. less check in on the mood in seoul. we have the kospi moving higher, adding .04%. the korean won is steady, above 1200. korean yields are supposed to stay rangebound after it disappointed bond traders yesterday who were expecting a signal of more debt buying. we will be watching the meeting today, which will discuss corporate bonds and commercial paper. australia, traders are on watch for the rba to resume bond buying, with the three year yield above target. aussie stocks are opening slightly higher, by .01%. gains thisave led

sophie kamaruddin in hong kong is taking a closer look at the sector. sophie.ealth care stocks had a stellar first half, driven by pandemic related demand, along with the longer-term structural focus, as a spending on health care products and services is growing in the region, making the sector the best performer. analysts are staying bullish even with the risk of this rally looking overdone. switching out the terminal, just to show you what is going on when it comes to valuations, they have been pushed to pre-virus levels and beyond with msci asia health care index trading above 30 times estimated earnings for next year. more expensive for u.s. peers. that is aligned in blue on the chart. strong investor interest has been a boon for companies that are listing this year amid the health care frenzy in hong kong. there continues to be a steady pipeline on monday. it had the best debut for a health care ipo in the city. switching out the screen this morning, south korea's sk biofarma is to start trading this thursday. the ipo was priced at the top of the marketed

let's get to sophie kamaruddin in hong kong for the latest. sophie: after u.s. stocks closed in the red, we are setting up for a lackluster start to this friday morning. futures are mixed. kiwi stocks added .4% so far this morning. s&p e-minis nudging slightly higher with rising virus infections in focus in the u.s. as well as in asia and on the eco-agenda today, we are watching out for japanese pbi ending acree output and the philippine trade plus chinese credit growth data for june could be released from today. singapore offline for the elections to be held. asian stocks could pare the weekly advance but still set for the best five day stretch given the chinese stock rally we saw this week. flipping the board, china futures have settled lower but staying above the 2015 high that was breached during the advance, which is flashing some overheating signals while mainland authorities have cracked down on margin financing platforms. hong kong stocks may lose steam after a two day game while the local dollar is steady. it totals $13.5 billion this year as the city c

matt: sophie kamaruddin on the ground for us in hong kong. stay safe.a lot of activity there. the pictures tell an amazing story, along with your excellent reporting. .hank you for that let's get to another issue, even when cruise ships are allowed to sail again, how do you make the experience as enjoyable as it once was for some people? that is one of the challenges facing companies like carnival. it's ceo told bloomberg how he is preparing for a return to the seas. out, our entire been extremelyd busy these past many months. we are retraining crew in an environment that is difficult to do so. repatriated over 70,000 crewmembers, and have over 10,000 still in ships at sea that we are trying to get home. it is unprecedented. we voluntarily paused. since then the cdc has issued a no sail order. going beyond that, our industry in the u.s. has already extended our voluntary pause into september. outside the u.s., we are more optimistic. we think there is the possibility for some sailings to occur again in europe. germany is engaged, italy is engaged, spain

we will get across to sophie kamaruddin in hong kong. taking a look at the board, risk assets are picking up early in the asia session. there was scant details from the white house on the specific repercussions from the u.s. ending hong kong's special status. s&p bk futures are climbing while the dollar is losing ground with a focus also on update.s covid-19 the yen trading study. no change expected. we are waiting for any clues that virus stimulus programs will be expanded or extended. pulling up the terminal, market stability has also been a focus for the boj and it has kept dion study, backstabbing shorter jgb spirit in the u.k. -- the spread between two-year gilts and jgb's briefly inverted which could signal that japanification is becoming more of a base case than an outlier. australia's yield curve control policy has fueled the steepest curb among major markets with a at 64tween the 2 and 10 basis points. making for an attractive carry trade opportunity. pulling up the board today, jgb's likely will be in wait and see mode with the

let's turn to sophie kamaruddin for a check of the markets. at ae lackluster start this tuesday. s&p e-minis little changed to the downside. mckay futures in singapore opening higher. the yen little changed after we got the inflation data from japan. the key inflation gauge unexpectedly inching out of negative territory for the first time in three months in june. gtv traders today watching for the 20 year sale this tuesday which will be a test of demand after a solid 30 year auction. ahead of the rba minutes. the aussie dollar treading water above 70. it's rise this year has found support from climbing base metals. pulling up a chart on the terminal, iron ore is among the best commodities on china's steel mill demand. the rally and prices may come under pressure as port inventories in china rebound after falling every month this year, posting a fifth weekly gain on friday, the longest expansion since september. 140 millionting -- tons with a surplus emerging in the fourth quarter, ramping up production to hit target. php this morning said it w

let's get straight to the market action with sophie kamaruddin in hong kong. the downside with more earnings on tap. we are keeping an eye on pharma a coronavirus -- treatment. the yen back below 107. jgb's expected to climb for a second day on a strong twenty-year option. curve flattening anticipated. fund predictsnd the yield curve will steepen on heavy bond supply. the kospi under pressure. s k discovery soaring this morning after south korea signed a letter of intent with astrazeneca to participate in a global vaccine production network. aussie stocks are under pressure after rising -- on tuesday. a bullish signal. at an april 2019 high. the dollar is under pressure. the bloomberg dollar index is extending losses at a march low and heading into oversold territory as markets anticipate a stimulus package from the u.s.. pressure on the greenback. real rates grind lower, lifting precious metal. off futures less than $100 of a record high. gold etf's are the best way to get exposure to gains. silver leading the charge this morning. futures rising more than 5%,

let's get straight to the market action with sophie kamaruddin in hong kong. got the latest virus case cap from china. that may dampen the diminished enthusiasm in today's session. the nikkei 225 up one third of 1%. topics also moving to the downside. the yen holding onto a four-day game and four-month high. a few technical barriers in place. investors may stay on the sidelines before the fed decision. jgb's getting to -- gaining ground. the yen climbs further. u.s. yields extend declines. the u.s. 10 year yield just below 60 basis points at the close on tuesday. we are keeping an eye on nissan. earnings on tap for japan, number a, asahi. checking in on korea. gaining ground by 2/10 of 1%, extending its advance for a third straight day. as we digest the improvement in korean consumer confidence, the korean won strengthening ever slightly after being driven to a three-week high amid dollar weakness. ind the pickup we are seeing covid death issuance in asia, higher rated notes and korea are commanding a premium over risk you issues -- riskier issues. turning to

sophie: i'm sophie kamaruddin in hong kong. our top stories this hour. global markets continue their march into the second half in took of war between better eco-data and worries about the coronavirus. the dollar and the longest winning streak since january. president trump lauds his handling of the pandemic even as cases continue to surge at home and abroad. the world health organization reports a one-day high for global infection. japan plans to pitch for --ancial workers under g workers uneasy about their future. let's take a look about -- a look at how markets are setting up. asian risk assets likely to see a self-starter this monday as a sections are weighed up against improving economic data. we have a calendar today with hong kong pmi and indonesian consumer confidence on cap. kiwi stocks, little change. fluctuating.p moving to a 10th of 1%. haidi: to our top global stories, one that is going to preoccupy markets in the second half. local coronavirus cases topping 11.3 million. the world health organization reports a single day record in new infec

sophie kamaruddin is on the line with more on this and we have speculated for weeks whether this was g to happen. what is the government saying is the reasoning behind this? sophie: government setting the national security law and questioning whether or not these candidates would uphold the basic law of hong kong. this move comes about two weeks after the opposition camp held a primary scenario. its goal of winning more than 35 seats in the election may be in jeopardy with these 12 candidates banned from seeking office. the party saw the most disqualifications. that is one of four sitting lawmakers and a member of the party. he has been banned along with counselors and for activists from the local resistance camp. here is what he had to say about the government's vision. have a listen. >> when the national security law was passed, i said that one country, two systems is finished. make no mistake about it. i think today, we are seeing the relentlessthe isression that this regime passing. emily: following this move -- sophie: following this move by authorities, mortise qualifications co

down.ould expect it to go rishaad: that was the malaysian finance minister with sophie kamaruddin.s from the bank of japan. the 30 year option taking place for the japanese government debt. the bid higher than forecast with regards to that. this means the average yield, price of yield is 0.61%. able to buy 31% of the planned buys and we have the 30 year bond, 3.92%. the 10 year with four basis points and the plus column and this is where we are with the steepening yield curve, spreading further as we have record debt issuance in place. the bond market taking place in japan and the backdrop of trying to keep yield control going with the 10 year yield targeting 0%. four basis points in the green there. haslinda. haslinda: let's get to india now. indian internet companies have been the biggest gainers of the government's decision to ban as many as 59 china linked apps. , which ism his roposo owned by modi group. 22 million users in just two days. the country's biggest and fastest-growing short form video platform. joins user and ceo now. good to have you with us. you have said nothing