here is zeb eckert. zeb: we are tracking markets in china and the news chinese regulators had restricted shortselling of stocks. it is the latest move by the chinese government to stabilize the market volatility and the second largest equity markets. the recent drops we have seen, it limits borrowers. they must wait to pay back the loans according to statements we received from the shanghai stock exchange. those davis came out at the close of trade. the short-term selling, one of the key contributors to the volatility, the government working to decrease normal fluctuations in stock prices according to that statement. here is what else we are watching. the first person to stay -- stand trial for libor has been sentenced to 14 years. a former ubs trader tom hayes guilty of conspiracy. him, the judge said a message had to be sent. his sentence with double of another trader who was sentenced with freiburg president obama laid out his ideas to combat climate change and launching a battle reminiscent of the he

here's zeb eckert. b: berkshire hathaway missed in the last quarter with profit falling 37% on higher costs. those divisions posted a loss of $30 million mainly because of geico and berkshire reinsurance took a hit from currency fluctuations. berkshire may see a pickup in the third quarter. inerger is expected to bring $7 billion. twitter could see a shakeup in the boardroom once it finds a new ceo. the company is considering adding more diversity, such as appointing from minority groups and taking experience from adjacent industries. three of the board are former twitter ceo's, something that may make life tricky for the new chief executive. chinese car booking service d kuaidi, has joined investors. it is seen as uber's rival in china and has raised $2 billion in funding. the company is looking to expand its shuttle bus and car pulling services. that is a check of the top corporate stories this hour. i'm zeb eckert. angie: gold's recent meltdown cost russia and china billions of dollars in just three w

zeb eckert in hong kong to wrap up asian trading. zeb: that'sright -- right, jon. look at this. despite dismal economic numbers over the weekend, we had export numbers that fell short of expectations, but what is really driving this intense investor interest today, the optimism permeating this market despite the chinese economic situation, is that the government seems to be pushing forward with its plans to overhaul inefficient state-owned enterprises. we are talking about the shipping industry. there's speculation that china shipping group, as well as costco, major names our viewers are familiar with in the harbor in hong kong or elsewhere, these companies may merge according to people familiar with the matter. that's leading to speculation that china is intent on carrying out this reform. critical to reducing inefficiency and creating new opportunities for chinese companies to create -- to compete on a global sale. merger ofh the the the railway companies. that created a conglomerate to rival ge and others. that's what we may see and it is leading to a gain for shipping compan

we have zeb eckert with that. san has halted plans to invest $750 million in india because of money they claim they are owed by the state government. the automaker has asked for the central government to recover millions of dollars in subsidies and refunds. plant ins a production the capital. two engineers who had a jeep to expose security flaws. it prompted fiat chrysler to recall 1.5 million vehicles. tor says it is trying improve security at the company. high profileing movies, including "hunger games" and "transformers." netflix will be ending his contract with epix to focus on original content. those are the corporate headlines this hour. i am zeb eckert. angie: time for a look at what we are going to be watching in asia this week. tomorrow, we could see the manufacturing pmi for china at its lowest in three years. economists expect a figure of 49.7 compared to 50 in july. a number of this loan would put pressure on beijing. blackoverseas be the new for netflix? offering original local content at its launch in

zeb eckert is in hong kong. composite has really been on a tear this morning based on this story we have been discussing. zeb: absolutely. it is not just any m&a story, but a major merger of two shipping titans. .hina major and cosco speculation in the market that, as push -- as part of a push to consolidate, china will merge these two companies. the two companies were suspended in trade today in hong kong. all of the related companies, companies they do business with, rallying. market inhare shanghai, contributed to a 5% gain. stocks just taking off. we saw terrible economic data over the weekend from china. exports were five times worse than expected. price data not coming in in line with expectations. yet the shanghai share market is advancing. part of that is also due to the expect morevestors stimulus as the chinese try to prop up market. that is positive to investors who have been rattled by volatile markets. elsewhere, this is what we have. southeast asia firmly in the red. a lot of concern in malaysia gi

let's rejoin zeb eckert right now. how is it looking? zeb: a down day today.et's take a look at the map and tell you how we are doing. he reported on southeast asia and the klci index like to in concerns domestically in the economy. among shares, you are seeing some positivity today in the philippines and vietnam. , both ofnd thailand those markets lower. australia as sales of commodity producers are shrugging off the downside in crude oil today. the brent benchmark in the new york nymex. jpmorgan pulling back on its forecast. in japan, the nikkei 225 come back online. i want to zero in on some of these electric producers, the tokyoy's powering the metropolitan region and most of japan. tokyo electric, the fukushima reactor, falling significantly. shares down 7%. we are also tracking another electric company. this plan to restart its reactor in sendai, north of tokyo. fukushima plant where of course the meltdown happened after the devastating tsunami. they would be one of the first to restart. nuclear power controversial in japan. economy, huge country with hu

we have zeb eckert with more on this. avorite question among those in the currency market. the hong kong peg extending back to 1983, of course, but with china's new devaluation, there are questions whether hong kong will see regime change. it monetary authority says will not, however the markets have a different view. if you look at implied volatilities, the measure used here, we see it troubling to 3% since the yuan devaluation. this is a gauge of expected price swings. options traders think we will perhaps see some action. volatility in this market has been significant. we should note that the devaluation has not only impacted hong kong's conservancy -- hong kong's currency, but all of those in the pacific nations. has even -- kazakhstan taken action of their own. there are currently no plans to change the peg. the hong kong dollar stayed around 7.75. we will watch these markets, because options traders have a bit of a different view on the future of the currency regime here. angie: it is getting to be an expensive peg.

let's get the asian market rat with zeb eckert. stocks extending the biggest monthly decline in three years today. china continues to be the center of the conversation and is impacting all of its neighbors and trading partners. there are questions ahead of tomorrow's manufacturing numbers and the rba decision. we also have the aussie today trading at a six-year low. that is a currency we're watching very closely. the nikkei 225 is lower because the yen is advancing ahead of those chinese manufacturing numbers. investors are looking for safe havens and they are high -- piling in the currencies like the yen. output industrial numbers for july which came in worse than expected and japan was out this morning with industrial production unexpectedly declining. headwinds for those economies, japan in particular. here and hong kong and shanghai this is what we have three the hang seng index higher at the end of the day and banking stocks focusing on a particular because some of these chinese banks are really astonishing. they have an earne

bloombergs zeb eckert filed this report from hong kong. nese stocks rallied after posting a megadeal in the industry. the market jumped on speculation the country's two biggest shipping lines, china's shipping group and cosco would merge. the combination is a global powerhouse. a merger would if i china's latest overhaul of its state-owned enterprises. of its effort to boost efficiency and create global industrial giants. matt: thanks for the update from hong kong. the top stories of the hour, starting with a sad one. frank gifford is being remembered today. he was a star both on and off the field. he died in his home yesterday of natural causes. giantsm.v.p. with the before spending decades as a newscaster. his wife of nearly 30 years, kathie lee gifford, call his life "a triumph." he was just one week shy of his 85th birthday. funnel nearlyto three times more content into twitter than last year, a commitment that will include more video and highlights and pictures from payment in progress. progress.mes in that is a look at some of the top

we have zeb eckert with the diverting fortunes of alibaba .nd tencent will start with alibaba.sia's largest internet company is saying it's so still growth -- its slowest sales growth in years. investors do not like it. -- their global expansion has not kept pace with what the market expects. they have been trying to expand in the united states with limited success. jack month, the founder, has been on a roadshow there in recent they have limited success in brazil as well as russia. that does not cover the whole world. for a company of this size am a it took a hit in terms of the latest results. the stock down 5% in new york trade. a big tumble here and for jack move. -- and even bigger the amount his personal fortune has been produced by as a result of this latest number. challenging times indeed create we did hear from the company's ceo addressing a separate issue now at the time of earnings. the company's cooperation or alleged cooperation with the chinese government has taken a lot of flak for this area daniel zhang commenting. daniel: as a company they have a huge consumer

zeb eckert has an update. what have we learned? what do we know? what do we not know? there is a lot of sensitivity to china and that filtered through to a lot of these markets today. investors will be watching closely to see how china's manufacturing sector holds up. this has had an impact to the australian market today. we saw the pullback in copper prices. of course, the aussie currency falling significantly. commodity producers moving in the session. you are seeing some of the drill search and other mining services companies falling in the session. that is just one piece of the puzzle. china is the bigger story. right now, we are seeing some of the earlier declines moderating. that is good news for the market, but does not erase the bigger question in china about the health of the market. valuations are well above what people are willing to pay. bank of america and merrill lynch out with a new announcement saying this market needs to come down by about 35% to make it attractive to ordinary investors, who are already overleveraged to the tune of over $270 billion. l

zeb eckert is joining us as we watched the developing story. -- watch the developing story.was filed in 2006 two dozen airlines involved. several have settled and those that remain are set to go to trial. they lost a bid for a ruling to close the case. the judge is saying in u.s. court in brooklyn that there is irrefutable evidence that they colluded on prices using fuel surcharges and security fees to overcharge global freight customers. they will go to trial and the include chair tried -- air china, air new zealand, air india, and polar air. interesting to see how this plays out. angie: a long-running case. how many other airlines have settled? : about 2000 -- zeb and $2 billion. looks like these are going to fight to the end. this was affecting some of the top airlines. the allegation is that they were overcharged with hidden fees like security taxes. this has been running since 2006 so we will see how it plays out. it is a class-action case some more plaintiffs might come into the spectrum. angie: thank you for that. checking other headlines right now, samsung is hoping

i am zeb eckert keeping an eye on the asian markets, stocks are down broadly. china, concern about the u.s. interest rate hikes, all factoring in and certainly profitability of the companies affected. check out shanghai, a 3% moved to the downside, quite a reversal from friday where you saw the 5% gain and we saw that on thursday as well. on investor concern that the government will not arrest the falling markets. continued declines, bank of america with a new analysis saying we will need to see a 30% drop in the asian sharemarket to make it attractive to investors. in southeast asia, not a lot action with the philippines and malaysia shot. australia, closely watching that country ahead of the rba decision. the u.s. session because futures are not pointing to a strong open. take a look at the index futures. earlier we had daw a -- dow and nasdaq futures trending lower and s&p down 5%. futures earlier down as much as 1.2%. it will be another volatile session, one to end a volatile month. this will be a global volatile session starting in asia. rate decisions due

jonathan: zeb eckert. only one story in town -- china. by thevalue the yuan most in two decades. the move as the nation works to liberalize the currency and after exports plunged by more than 8%. is this primarily a move to lose and the nation's grip on the currency or to support exports? and beijing. what is going on? the case is about market discipline and the other, just about countering week export numbers? which is it? nik: that is the question of the day. when you look at the pboc's statement shortly after the yuan fixing was announced, rhwy kraus should and language of market reform. and 2013 toreforms give the market a greater hand of what they are saying is the yuan has been guided for quite some time. was out of whack with expectations, that is all well and good. as at the same time, it has very clear benefits for china's areomy at a time when there lingering doubts or growing doubts about whether it was hit 7% growth target at the end of the year pretty it seems to be something that will play to both constituencies. those who say it will boost growth. it is intentional

rishaad: thank you very much indeed, zeb eckert.up next, a further round of disappointing data causes renewed concern over the slowdown in china. we will be discussing that and the rest of the day's top stories when "asia edge" returns. ♪ rishaad: we are going to check in on some of the stories making headlines around the world. shery: the bitcoin exchange has been arrested. mark was detained in tokyo accused of accessing the computers in february 2013 and inflating his account. if convicted, he could face five years in jail. mt gox went off-line earlier. thousands of bitcoins worth several hundred million dollars were unaccounted for, suggesting they been stolen. rishaad: at least one person has been killed and 12,000 evacuated as wildfires rage across drought stricken northern california. the most affected area is near san francisco, where 50 houses and other buildings have been destroyed. a state of emergency has been declared. shery: a second american tourist has been accused of illegally hunting a lion in zimbabwe. the national

here is zeb eckert with that. zeb: disrupting toyota's factory. of production lines will remain shut until wednesday. the automaker's output was not affected last week. the number of people killed rose to 112. no toyota employees died. the indian unit has resorted to free flights. a free ticket for every business class seat bought on august. the least among the leading carrier sprint is it intense -- leading carriers. it is intense competition. disney is bringing a galaxy far, far way to the ring parks and the united a and one of the biggest expansions. -- theme parks in the united states and it is one of the things expensive. has made it spent to one of the cornerstones of his tenure. those are the top corporate had stored -- corporate stories. angie: moments away from the latest gdp data in japan and will bring them to you as they cross the bloomberg terminal. this is "first up." stay with us. ♪ angie: checking other stories around the world. the fallout continues from the flight disruption on the united states eastern seaboard. more than 1000 f

caroline: zeb eckert, thank you. we are seeing autos are down and luxury companies called down.o sales out. it will have an impact on a bmw and daimler. we are around 27 minutes away from the market open. fair market evaluation. probablyare seeing is the equity markets, footsie and cache footsie -- ftse and are down. slightly negative open. caroline: techno. google is reorganizing the door holding company called out for that. the holdinging company called out for that. alphabet. what does it actually mean for the company? elliott: it has been a conglomerate for some time and all of the disparate buildings. allows investors to get a better handle on what google is doing with their money. and where all of the money google is making about $60 billion is coming from. googlemple, you will see google one company, fiber in networks, life sciences and contact lenses that will detect glucose in your body. google ventures that advance. help uso find ways to live longer. the moonshot idea like driverless cars. delivery known as wing. guy: what does it mean for investors? elliott: depending

zeb eckert has that story in today's check of what is trending on social media. zeb: that's right.h toll continues to rise -- 112 people died, 95 toll onssing, and the first responders, firefighters, we are beginning to see that now. stillrs and firefighters trying to put out the reminding -- the remaining fires. and now concerns about what chemicals may have been released and did they travel further inland. that is why officials have cordoned off a two-mile zone around the blast site, with potentially sodium cyanide and other toxic chemicals may have been stored at the warehouse. military chemical experts now on the scene from beijing to examine this site. take a look at the crater that resulted. this is no ordinary blast. it set off a lot of speculation over white happened, why these chemicals were allowed to be stored, and who has oversight for this area. is something larger happening here? lots of speculation and views on both sides are pounding online. locals areat what saying on the main chinese social media portal. with no that executives from the company that ran this wareh

i am zeb eckert keeping an eye on the asian markets, stocks are down broadly. interest rate hikes, all factoring in and certainly profitability t

caroline: zeb eckert in hong kong, thank you. guy: we will get an update on the explosion a little later on. that huge explosion that we saw overnight -- we will try to get you an update on what's happening. there is another story coming out of china. get a look at what we are seeing out of china. elliott gotkine is here with us. elliott, we have companies like nestle, walk us through the reaction of the last 48 hours. we look forward to hearing what these companies have to say, but as you were talking about with the smp, we have seen further devaluation of the yuan today. we are seeing a tentative recovery on currencies in asia, as well as stocks, partly held tencent, and the central bank's decision not to cut rates. perhaps we will see a bit of a recovery in some of the companies, particularly in luxury goods which were in the thick of things -- burberry and bmw took a hit. other consumer goods stocks like unilever also took a big whack. than the world's biggest food company, which we will look at in more detail, nestle. caroli

here is that eckert. zeb: agriculture progress on a trade pact.he talks wrapped up in hawaii over the week end. they'll your to agree on is overshadowed advances in other areas the 12 nations overcame differences over environmental yifferences but not dair products in ottawa bills sells -- automobile sales for -- automobile sales. it would be a setback for president obama. congressional democrats gave the president expanded authority for the tpp warned in a letter that are unlikely to support a deal without tougher environmental standards. the wing section washed up on reunion of the arrived in france. it is identified as a flaperon from a boeing 777 from missing flight mh370 and that's the only airplane known to be missing. the discovery is consistent with the current search area. the wall street journal reported the government said it is from a boeing 777. honda has surged the most in six years. you was shares higher on friday. ed the slow down in china. sales in china rising by 30% propelled by new compact and crossover models. concerns the pri