a spring in tom mackenzie who joins a set of beijing. what prompted this? m: quite the turn of events. you cannot find this out. you can download it. as of sunday. they have found with their surprising as a serious violation in the collection and usage of personal data. personal information in these apps. they have ordered into to be taken down. this comes just two days after the cyberspace agency launched a review of the operations. it can't just two days after, and they raised 4.4 billion dollars. the second largest in the u.s. on record. they want to see steps taken to protect the personal information of their users. at least for the moment, with the fact you cannot download their apps anymore. sophie: how is the company responded? tom: they put out a statement about an hour ago, saying the existing users can still use the service. from july 3, they had already stopped registering new users. they said it may lead to an adverse impact on revenues, taking concrete steps as to rectify some of these issues. but again, this was a company already facing scrutin

let's get more with tom mackenzie in beijing. we always know this is a lot about pop and santa marnie -- ceremony. tell us what she has been saying. tom: the audience was multiple interns of the speech he gave at the forbidden city over tiananmen square under 30 minutes ago. he wrapped up. he was targeting not just party cadres and members of the ccp but also the international audience. a couple of key lines -- he said china was now a moderately prosperous society. this is a goal. they set it decades ago. he despised this being $1000 and per capita income. it is now $2000. the chinese people have stood up and socialism can save china. he referenced the reform started under deng xiaoping. he said it would deepen and continue. they had a message for the international audience. he said he would accept criticism if it is accompanied by goodwill but we will not -- china or the party --be bullied by sanctimonious lectures. he said that attempt would be met with steel forged by 1.4 billion people. he referenced hong kong and taiwan. host

haidi: our markets coanchor tom mackenzie in beijing. still more to come on "daybreak: australia."aidi: and mixed start to trading, with the absence, of course, of wall street. new zealand up a quarter of 1%. sydney futures looking like >> you're watching daybreak australia. a few days of negotiations between saudi arabia and uae have left without a deal. abba dobby says it will not accept a plan to curb oil production beyond april 2022. blessed is given a higher baseline. meanwhile, the saudi say they cannot give into the demands. >> we have a deal. we will continue with it. as we bring more production. to complete an honor that agreement, we have to extend. >> we are only asking for a fair payment. we have lost one third capacity. many other countries have been given production, they continue to produce. juliet: chinese president xi jinping and french president emmanuel macron are expected to have a video call this week. macron is set to be keen on easing travel restrictions into china for eu citizens. supporters of the former south african president have gathered in his home, vo

dani: joining us now from beijing is bloomberg acre -- anchor tom mackenzie and from hong kong we haveorth asian correspondent stephen engle. what did we learn exactly from his speech? tom: he had a number of different audiences in this speech that he laid out for those 70,000 members as he stood at the gate of heavenly peace in their forbidden city. he was talking to the domestic audience at the party is self in the international audience. with the domestic audience he was underscoring the successes that he sees of the communist party over the last 100 years, particularly on the economic front. he mentioned the moderately process society. this is been a long term goal for the party in china has met that. it essentially leaves china closer to developed nation status. you are looking at an economy that has grown 50 times since the 1970's. you are looking at individual incomes, capital, wealth of about 10,000 u.s. dollars, it's well below the u.s., but far higher than it was years ago. you are looking at a stronger, in terms of military, country here that as he would say, is rejuvenated.

i want to bring in bloomberg's tom mackenzie. it is good to catch up with you. me through the news this morning. tom: as you say, reuters reporting that the sec is doing what it has to do, which is protect the interest of u.s. investors, saying they are working out new guidance on how these chinese companies listed in the u.s. should disclose this domestic risk, the risk associated and aligned with that regulatory crack down that we have seen on education stocks, tech stocks, and property companies as well over the last week or so. it is not clear how long this process is going to take for the sec, but it comes at a time when we are also hearing that the politburo, top communist party leaders in beijing, have gathered together and laid out their priorities for the second half, and one of the key lines that came out from that meeting was that they will tighten the supervision of overseas listings. we don't have the details on that, but we know they've already banned the variable interest for education companies listing in the u.s. and have put in this requirement

tom mackenzie and nathan dean, thank you both very much.. ♪ ritika: it is time for the boom blue -- for the bloomberg business flash. caterpillar warns that rising costs will hurt margins in the third quarter, despite price increases. they also reported second-quarter earnings that beat estimates. there's been a jump in demand for caterpillar's yellow diggers, bulldozers and trucks. japan plans to extend the state of emergency that covers areas surrounding tokyo, that will now last until the end of august. there has been a record coronavirus surge unfolding as tokyo hosts the summer olympics. daily infections for all of japan have soared over 10,000 for the first time since the pandemic began. disney is firing back at "black widow" star scholar johansson. the star sued disney -- star scarlett johansson. the star sued disney, saying they broke their promise to only release "black that i -- "lack widow -- "black widow" in theaters, which devalued her contract. they called the suit distressing and said they honored the contract. alix: first of

tom mackenzie joining us from beijing. let's get a bloomberg business flash.op corporate stories we are covering. >> the office of george soros is said to have started trading bitcoin as some of the biggest names in the hedge fund industry weight into digital assets. -- wade into digital assets. sources tell us barclays is hiring junior banker pay digging deep to retain staff. base salaries for all u.s. analysts were increased by $15,000 to $100,000 base. u.s. associates and vice presidents get a $25,000 boost. staff outside the u.s. will get equivalent percentage raises. softbank sold debt and $3.5 billion notes wednesday in asia second-biggest offshore deal of 2021. it is the tech giant's first debt deal since 2019. that is the bloomberg business flash. anna: sticking with the corporate news flow, renault's turnaround plan is starting to pay off after the french carmaker withstood the effects of the pandemic and the global semiconductor shortage. that is according to the ceo, who sat down with bloomberg to discuss the company's revamp. >> i don't think the i

emily: rare interview with the ceo of geely and tom mackenzie.nia has been one of the most aggressive states to make that move to go green. first, trying to get as many electric cars on the road as possible. now they are trying to do away with nuclear and gas plants. regulators approving a proposal for 11.5 gigawatts of green power. joining us is our reporter. what is california doing and what does it mean? >> the state is trying to replace its largest source of carbon free energy, from the diablo canyon nuclear plant. there is an agreement for it to shut down by 2025. there were concerns about the plant being located your some seismic areas. safety concerns and cost concerns the plant was going to have to meet certain environmental requirements that were going to be really expensive in terms of making upgrades. the state has to replace that power. since it does have a goal like you said to have a green grid by 2045, what they are looking for is carbon free energy to replace that nuclear power plant. that's going to have to come from renewables l

bloomberg's tom mackenzie in beijing, thanks for checking in with us.th harley finkelstein at the company's new features of giving merchants -- features aimed at giving merchants more of their own revenue, that with competition with amazon is next. this is bloomberg. ♪ emily: shopify is putting more power in the hands of merchants. the company has announce add i slew of benefits taking zero percent revenue share for developers making less than $1 million a year and enhancing their online payment options, joining more with the announcement is harley finkelstein, shopify, good to have you back. shopify is giving more and more power to her chants. you are running a business yourself, a business that makes money. i'm curious how these tools help you find that balance given that there are complaints about how other big tech competitors navigate the very same relationship. harley: thanks for having me on the show, emily. i think if the internet is a city, i think a great way to think of shopify, we are the commerce infrastructure of that city. we already powe