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tv   Bloomberg Daybreak Asia  Bloomberg  April 21, 2021 7:00pm-9:00pm EDT

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♪ haidi: very good morning from sydney. we are counting down to asia's major market open. shery: welcome to daybreak asia. our top stories this hour. asian stocks are posted bounce after wall street snaps a two day drop. bargain buyers emerge. china faces pressure on several fronts with australia canceling belt and road deals and the u.s. moving ahead with legislation to
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curb its conditions. the pboc could be set to bailout farren in a major show of governmental force for company that is based -- has faced intense scrutiny. we speak to the head of centauri, one of japan's biggest beverage makers. haidi: let's take a look at how we are setting up for the asian open here on thursday. sophie kamaruddin is in hong kong. sophie: we could see green shoots ahead. we are seeing a mixed picture with s&p under pressure. let's see if japan can shake off the losses after report the brunt of the losses in the region over the past five days. the boj came through with etf buying after the topix fell more than 2% on wednesday. also, something for investors to latch onto. earnings are picking up in asia.
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set to report today. wti is edging towards $61 a barrel on that surprise pickup that we saw from u.s. imageries. palladium heading a record. quick check on currencies this thursday morning. checking in on the loonie. trading around 125 after the best jump in 10 months. the tapering plan has brought forward market tightening in canada. erdogan defended the countries policies in turkey, saying the central bank could dip into reserves once again if necessary. aussie momentum is a little bit forced out there ahead of a reading on business confidence in australia. the offshore yuan trading below 650, holding and it -- an eight day gain. looking ahead, city recommending going bullish you want exposure.
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u.n. basket strengthening into china strong trade balance. shery: let's turn to australia. it canceled agreements between china's belt and road initiative and the victoria a -- state government in a move that could worsen strained ties between the two nations. it comes as lawmakers in the u.s. will step up efforts to counter china. let's bring in our markets coanchor. why has it pulled the plug on this belt and road deal? >> there was some random of understanding and a framework agreement. the first one was signed in 2018. it was always controversial within australia. it was signed by the state of victoria, the second most populous street in australia. what we have heard from the foreign minister is that these deals will be asked. that is down to powers. the power she was given as foreign minister. the reason she gave for canceling the agreement between
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the state of victoria and the chinese government was that it doesn't align with australia's foreign policy. now, these agreements between the state of victoria and china would have seen chinese investment and infrastructure in that state. as you say, this is another step that will likely lead to a further deterioration of ties between canberra and beijing. we had the chinese embassy putting out a statement saying that it was bound to bring further damage to bilateral ties. since the beginning of last year, we've seen china imposing tariffs on us trillion barley and wine and blocking coal imports into the country after australia called for an independent investigation into the origins of covid-19. the decision of the foreign minister to cancel these agreements came on the same day that we heard from a senior chinese diplomat in australia suggesting that there would be no imminent thought on the
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horizon between the two countries. haidi: when it comes to the u.s., we are hearing that the senate foreign relations committee is working on a number of bills that target china. >> yes. these i brought -- our bipartisan bills. they have broad support from republicans and democrats. there's a number of bills working their way through congress that will eventually land on the house of the senate -- and the senate. one of these pieces of legislation is targeting the funding, foreign funding of colleges and universities. that's about concern over chinese influence in educational establishments. more broadly, the bills are aimed at boosting u.s. could -- competitiveness, particularly around areas of technology and manufacturing as they see the challenge from china. you had majority leader chuck schumer and his republican colleagues putting out the endless frontiers act.
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they launched this, which would involve channeling 100 billion u.s. dollars over five years into r&d in areas precisely like sport manufacturing, ai, and technology. there was another act that is working its way through congress as well. the strategic competition act. there was an amendment added to that that included what would be a diplomatic boycott of the winter olympics that will be hosted in china in february. this was sponsored by mitt romney among others. this is part of an action by lawmakers targeting what they see as abuses in hong kong and chin jang. the winter olympics becoming another flashpoint in the relationship between beijing and washington. haidi: tom mackenzie there in beijing.
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china is a big focus right now. president xi is one of dozens of world leaders attending president joe biden's two day virtual summit meant to invigorate the global fight against climate change. china remains the world's top emitter as compared to india and the united states. this while washington is looking to prove it is committed to making the greenhouse gas emissions cut needed to avoid the most catastrophic consequences of global warming. the u.s. has been among nations who have made the biggest strides in reducing absolute emissions over the past decade along with brazil, the eu, and the u.k.. our bloomberg nes team counts it as the most ambitious of its g20 peers. however, china is sitting at the bottom with a score of just one amongst 20. haidi: high expectations for
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this summit. let's bring in our guest. which speech are you looking forward to the most and why? >> thank you very much. president xi's speech will be very important. there's not much of an expectation that he will announce anything new. still, it will be interesting to see the tone that he takes. whether there's room for more cooperation between the u.s. on climate change. from the communique i was issued last week, it seems like there is still hope for the two countries to work together on this topic. that remains to be seen in terms of what actual action happens. shery: how would you measure success of the climate summit? ali: the summit, in some ways you could say that it's really successful given that they've managed to actually get leaders
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that count for more than 80% of global emissions to come to the table and speak during the summit. the specific audience that the u.s. is looking for is both the domestic audience and the international one. the international one, the u.s. is trying to support increased ambition in the run-up to glasgow. domestically, what the biden administration is trying to do is come up with messaging that can overcome republican opposition to climate agendas. specifically, the biden administration seems to have learned the lessons of the obama administration. they are trying to make this about jobs as well as defense and security. you can see this in the agenda as well. there's ups -- a specific session where the u.s. secretary of defense will actually be hosting. their sessions all around different axes for jobs.
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on all these fronts, i think the way they will pull the agenda together means it will be a success. it remains to be seen whether countries will announce new ambitious targets. we expect a panel do this today. whether others will follow, we will be watching. haidi: of course, there's australia. the biden administration has already said that the commitments canberra has made are insufficient. is the global pressure likely to have an impact? ali: it certainly will. from the media coverage that we have seen, it's unlikely that the prime minister will announce any new or ambitious target. he will probably talk about investment in hydrogen. additional pressure from the u.s. will eventually have an impact on australia. australia looks to u.s. partnership when it things about its economic development.
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given that major export markets in australia, china, japan, korea, are all trying to move ahead and be more bushes on climate change, particularly looking at reducing the role of reliance on fossil fuels, these are areas that australia will need to think about addressing. the political environment in kim bro right now is not conducive to more action from the prime minister. over the biden ministrations term, it will be expected that they are showing in government will eventually enact new measures as well. haidi: our bloomberg nes head of research ahead of that ambitious climate summit. we are sticking with energy. getting production numbers out of petroleum. production for the first quarter of 23.7 million barrels of oil equivalent. first quarter production coming through. we are getting sales revenue for
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the first quarter of just over a billion. the average price is $44. capex coming in at 380 million. we have seen in terms of the strategy, a doubling down when it comes to its gas project, particularly in the western australia region. shery: our conversations on climate change continue later. we are speaking to a japanese beer maker about its green goals. plus, the impact of japan's virus measures on business. the president and ceo joins us. first, the outlook on global portfolios with aaron brown. that's next. this is bloomberg. ♪
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vonnie: this is daybreak asia. u.s. regulators are said to be considering buffer disclosure requirements for investment firms after the implosion of our to go's and trading gyrations in gamestop. sources say the sec is exploring how to increase transparency for the types of derivative bets that sank it. the regulator also faces pressure from capitol hill to shed more light on public companies after the gamestop frenzy. the former police officer convicted of murdering george floyd is being held in solitary confinement for 23 hours a day. it's minnesota's only maximal secret he prison. derek chauvin was placed in isolation over fears for his safety. he was convicted of murdering george floyd why kneeling on his neck for more than nine minutes. he will be sentenced in june. president biden says his administration has achieved its goal of administering 200 million vaccine shot in the first 100 days in office. the president is asking
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companies to do more to boost inoculation efforts. he's encouraging small businesses to take advantage of a tax credit that will help pay workers for time off to get vaccinated. >> i'm calling on every employer large and small in every state to give employees the time off they need with pay to get vaccinated. anytime they need with pay to recover if they are feeling under the weather after the shot. vonnie: the uk's transport secretary says he holds regulators talks about a court or. he says there's a case for travel between the two highly vaccine did countries. the ban imposed by former president donald trump would need to be loosened before any deal. passenger numbers were down 99% this month compared to two years ago. the u.k. aims to resume non-essential international travel in may. global news 24 hours a day on air and at bloomberg quicktake, powered by 2700 journalists and analysts in 120 countries. this is bloomberg.
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i'm vonnie quinn. haidi: a rally and companies that benefit the most from an economic revival. let's bring in erin browne. where are you seeing opportunities at the moment? have any potential positive upsides come through from earnings? erin: i think there's strong potential for additional upside in stocks, particularly as they move through earnings season. we start to have more forecast for what the year ahead is going to look like, particularly into the second half of the year. certainly, investors have priced in a lot in terms of a normalization in certain segments of the market. i still think that there's room to run. particularly if you look at those stocks that are most
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exposed to it -- a return to normalization and travel, leisure, entertainment. within the u.s. market in particular, we are bullish and hotel names as well as some of the underlying real estate companies that support those hotels. we are also bullish airlines and starting to get a little bit more exposure there as well. as well as in asia, some of the gaming names where we don't think the market has fully recognized the potential for real pickup in the back half of the year in those names. shery: i want to take a look at this chart showing the underperformance of the japanese equity market over the past five days. it has been the worst performer in asia. this has largely been on concerns of yet another set of restrictions, a revival in virus numbers, we have been tracking the terrible virus situation in india as well. even as the vaccine optimism, reopening trades being played
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out for quite some time now. are we underplaying the risk of the virus being around for longer? erin: there will be fits and starts of the virus. certainly, we are not at the end of the virus yet. we still have a long way to go across different countries in terms of vaccinations. you saw it over the last couple months. the impact of the underperformance, the pickup in virus cases in europe. you will see this play out throughout the next six months or so across different markets. that said, i would not lose sight of the fact that we are closer to the end then we are to the beginning. we've seen tremendous amounts of global monetary and fiscal support to really support consumption and a return to normalization. while global certainly have fits and starts of the virus, it doesn't make me bearish. if anything, i look for opportunities of underperformance to get longer in those markets. shery: how are you hedging for
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inflation given what you are telling us? erin: inflation is one of the biggest risks to the market right now. one of the easiest ways to get exposure to inflation or hedge positively towards inflation is buying stocks that are most exposed to inflation. the other way is to have breakeven inflation exposure in the portfolio as well as to take advantage of being a little bit long commodities which at this point of the cycle makes sense outside of energy. more of the manufacturing cycle oriented commodities which we think are well-placed as you move into the more midcycle environment. haidi: we saw the cad jump on the term. how will rate differentials play into the currency space? watt are you looking out for opportunities? erin: i think this is going to be one of the large marketplace,
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particularly as we move into the back half of the year and we see more differentiation across different central banks. the bank of canada was argued leave the first move tomorrow more -- to a more hawkish stance. you have seen this play out in the strength in the canadian dollar against the u.s. dollar over the last couple of months. we do think that more interest-rate differential divergence will lead to further strengthening of currencies like canada, australia to some extent, that are going to be first movers towards hiking rates. it is something that we are paying close attention to. not just in the currency space but also in the interest rate space duration as well. we have been long cnh and against that cad. at this point, i think that you see those currencies move pretty fast, pretty far. i would not be looking to get significant longer right now canadian dollar. i do think that as we move
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through the back half of the year, it will present a lot of opportunities as we see different central banks to responding to inflation very differently. haidi: it's always great having your thoughts. up next, help from china's central bank to clean up its balance sheet. more on that. this is bloomberg. ♪
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shery: i chinese government bailout may be in the works to clean up the balance sheets of a troubled asset management. china is considering a plan for the pboc to assume more than $15 billion of unprofitable assets from the state owned asset manager. stephen engle is taking a closer look at this. what do we know? stephen: the uncertain future has whipsawed its overseas bonds
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and really cast a lot of doubt on this looming debt restructuring. that has raised a lot of questions about whether there could be a fighting -- financial contagion in china. also strikes fear about whether the states implicit guarantees for state owned enterprises in the financial sector are holding true. what this would be, according to sources, is a significant show of government support. obviously, if the pboc is coming in with funds, people familiar with the situation saying china is considering a plan that would see the pboc assume more than 100 billion yuan's of assets from china asset management. bloomberg news reported earlier that it was considering restructuring plans that would see it offload a number of its unprofitable or non-core businesses. this plan by the pboc, which is
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still being consid clean up the balance refocus the main business to its core business of managing distressed debt. the china banking and insurance regulatory commission last week said it was operating normally and had ample liquidity. generally, authorities had stayed mum over the whether the government would step in with financial support. if this does come to fruition, it would mark a significant show of government support. perhaps, ease a little bit of that concern. we've seen over some bondholders. haidi: the chinese government has been fairly quiet on if it will step in with financial support. why the proposed bailout? stephen: look at the numbers. the numbers really tell the story of why the pboc or authorities in china would step in with a bailout or a backstop of some sort. 1.6 trillion yuan of liability.
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a vast web of connections within the chinese financial system. systemically, it is probably the most important company outside of the state owned banks. it is majority-owned by the chinese finance ministry. that could be a key reason why you ask that question. why they would do this sort of bailout. it's a closely watched barometer of the government's willingness to backstop debt and state owned enterprises in the financial space. the big question is, given that it is china's number three financial issuer overseas, what happens to those foreign bondholders? haidi: coming up, we speak to takeshi niinami. how he plans on achieving green
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goals. lots more to come. this is bloomberg. ♪
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shery: one of japan's biggest beverage makers is pledging to go green. it says it's committed to ensuring its production is sustainable, with a focus on water use, emissions, and plastics. let's bring in the president and ceo. thank you very much for joining us today. it's great to have you on. you do have very ambitious green goals, whether it's reducing water usage by 2050 and zero greenhouse gas emissions by 2050. we are talking about a very water intensive business. how do you plan to achieve this? give us a broad outlook first.
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>> we have the roadmap to achieve this goal. first of all, we will totally introduce renewable energy. second, we will use new technology. we will use technology that can contribute to achieving this goal. we will be more invested, and third, we will partner with the industry and across industries to work together to utilize those technologies and work with the supply chain so that they can have resources to be aligned
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with our goal. third, we will engineer our business focusing on more sustainable business and create a new frontier in terms of our footprint in countries where we don't have businesses but are potentially growing. that part is very important. and to fill the gap because of a lot of investment and very costly operations. this will be huge motivation among the employees. and we can recruit good talent. shery: you said yourself it's going to be costly and take a lot of investment. are you partnering with the government in any way? i know they have funding to help
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green projects. >> we have a serious issue in japan for energy policy. it's not clear yet. we have very clear roadmaps to achieve the goals. however, there's no clear plan for renewables, and it's very costly. for example nuclear plants. however costly the renewable is, we will create more gross margins, more sales in the business arena. this is a must, this is not an option, so we will make it a habit.
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this is a clear competition in the world to achieve this goal and to bring report and empathy from societies. there are two competitions, good and bad, but this is good competition among the players. >> were all waiting for the next decision that will be declared across japan. how's it going to impact your business? >> it has been coming back in march, a very negative impact to on premise business.
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but it will impact a lot. haidi: the vaccine rollout has been quite slow and japan. will that have an ongoing effect in businesses, on consumer sentiment in the services industries? >> i think negatively talking, people have already taken for granted that the vaccine rollout is pretty slow. however, because of our prime minister's negotiations, i think the rollout will be expedited. it will be completed probably by october or november. the global rollout of vaccines. shery: do you hold any hopes that the upcoming olympics can
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help your business in any way, given that foreign spectators have been banned? >> i'm kind of hoping that the government -- i think the government will hold with social and political government, but they have to minimize spectators as much as they can and have to reduce the number of days to hold the olympics. a lot of innovative ideas are going on. i'm sure the olympics will be held, but i think quite a minimum number of people and a lot of things will happen.
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haidi: how optimistic are you about the economic recovery in japan? when we spoke to you back in january you said the service sector was facing a disastrous situation. have things improved meaningfully even that were seeing still the same struggles in controlling the virus situation? >> the fact is the death toll rate is still pretty low. after summer, i think the economy will come back based on huge, pent-up demand. people are saving huge amounts of cash in banks. those savings will be spent on
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business trips in japan. after summer, i assume there's going to be huge demands to the service sector. haidi: always great to have you with us. do stay with us on "bloomberg daybreak: asia." will speak with gerard baron who says mining the deep ocean floor is a green way to provide materials needed to produce electric vehicle batteries. climate change and social inequality are the top of the agenda this week. policymakers face a changing economy. earlier, fed chair jerome powell discussed the shifting roles in an exclusive conversation with david rubenstein. >> let me ask you about the
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situation with respect to a couple of issues you've talked about, climate change, for example, or racial inequality. the fed has not historically been someone who is supposed to be focused on climate change. focus on the unemployment rate but not whether it's minority or white unemployment rate. how do you assess these issues that are not really in your statute but are now important in determining how the economy is moving forward. >> there are differences and similarities. both of them we see only through the lens of our existing mandates. take climate change, for example. our job is to make sure that financial institutions, particularly the largest banks, understand and are able to manage the significant risks that they take. the public will expect us to do that. climate change is just another one of those risks.
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increasingly, the large banks very much realize that. leaders of these institutions are focused on what climate change will mean over that time. it's similar with inequality. we have these persistent disparities, racial, gender, and other disparities in economic outcomes and our economy. they kind of hold the economy back. we all want an economy where everyone he has the ability to contribute to an benefit from the prosperity we have in our great economy. so really our focus is on the gaps that we face. we call them out and talk about them. the thought that maximum employment is a broad and inclusive goal. that's a reference to those issues.
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we now realize that unemployment can go low for quite a long, without inflation being a problem which also tend to help those groups. i would stress of course that we can't be the primary policy organization that treats either climate change or any quality. we see it through the lens of our existing mandates, but those are very much issues for elected representatives and other parts of the government more than they are for us. >> you see homeless people living in tents, your mandate is not to go solve that problem necessarily, but is there anything you think the fed should be able to do or should be given more power to do, to help people who are really suffering in the pandemic? takeshi: we are not seeking any new authority. we are not the agency that has the most direct authority over that. i does have a new see it right here on virginia avenue, there are a couple of tents at this
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end of town where there are some open space, but now it is big. there's a lot of tense and a lot of people. it has to be because of the pandemic. it has grown a great deal. it really struck me and strikes me every day a psycho by. how does that play into what the fed does? i think we need to keep those people in mind, really. those are people, many of them probably were working in february of 2020 before the pandemic hit. they need to be in the room with us as we make our decisions about monetary policy. we need to be thinking this not just the headline in the aggregate, just keep in mind. shery: don't miss the full episode airing later.
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let's turn to vonnie quinn with the first word headlines. >> australia has canceled -- a move that could further strained ties between the two nations. australia's foreign minister said the infrastructure deal signed in 2018 and 2019 are inconsistent with the country's foreign policy. china's industry in australia called it a provocative move that could bring further damage to bilateral relations. german lawmakers have removed the controversial lockdown law. they are struggling to contain a fresh wave of coronavirus infections, putting intense pressure on hospitals. it temporarily gives hospitals the authority to impose tighter restrictions to hotspots including nighttime curfews, closing schools and essential services. president vladimir putin warned countries not to cross russia's redline, saying they will regret
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it more than they've regretted anything in a long time. tensions between washington and moscow have escalated. russian police arrested nearly 1500 protesters throughout the country in demonstrations, demanding the release of kremlin critic alexei navalny. a crack down earlier this year left many of its leaders under arrest or in exile. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. haidi: be sure to tune into bloomberg radio to hear more from today's biggest newsmakers. broadcasting live from her studio in hong kong.
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there is lots more ahead. this is bloomberg. ♪
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haidi: let's take a look at what we are watching as we get into the major markets trading. >> nikkei futures moving to the
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upside. steadiness there after tapering plans. td securities at mid-march lowe's, saying the onus is on the data with more aggressive market pricing than that. a little clarity expected from the european central bank. struggling to break out as india's virus cases and new supplies weighing on prices. $50 a barrel, due in part to opec's willingness to make adjustment to prices and oil markets. cautioning that while the market
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is right about being bullish, the uneven recovery across the globe remains a headwind. shery: antitrust regulators have put most of china's largest internet platforms on notice. until recently china so-called b.a.t. companies had flown under the regulatory radar. our chief north asian correspondent stephen engle takes a closer look at how quickly things have changed in the new special, redlines, china, and big tech. here's a preview. >> we invest more than 15% of our total revenue every year to our needs. i think the government likes that. in the meanwhile, i think antitrust is also good for innovation. you just cannot imagine the number one and number two guy
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all of a sudden if they merge and gain more than 90% of market share in the u.s., but that happens quite a few times in china. is not good for innovation. the antitrust pushes kind of justified. >> one way they grew was by pouring billions into china's next-generation technique warns, sometimes cross investing in the same startup. it obviously further inflated the big platforms offerings, but arguments can be made on both sides whether the m&a closed off or cracked open competition. >> the other guys are doing it, and if i don't do it then i met a competitive disadvantage. so i think some measure to at least make the ground rules clearer, and that will certainly be helpful to us.
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us meaning early-stage technology companies that quite frankly are using new technologies and business models to possibly disrupt some of these big companies. >> more competition might be helpful to the perception of alibaba. we see it with the streaming sites. if you have all the traffic on the tiktok's of china, you actually see a real opportunity for these companies eventually to make a dent in e-commerce. it's not there yet, it's happening, but there is competition on the margins with alibaba. stephen: many of these flew under the domestic antitrust radar because nearly all the chinese companies listed outside of china are done through variable interest entities.
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>> for a long time the antitrust authority did not that any cases involving the structure for fear of granting it legitimacy because it has always operated in a legal gray area. as a result of that you see the duopoly that you just mentioned. alibaba and tencent have made hundreds of acquisitions without making any notification to the antitrust authorities. the authority is sending a signal and making it clear that they will no longer be exempted. they are going to scrutinize those deals. even though in some cases it may be a little bit too late. haidi: see more of our investigation into how for china will go into reining in the international tech champions. a prepares -- mirrors at midday hong kong time.
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8:00 p.m. new york time, and you can watch online at much more to come on "bloomberg daybreak: asia." this is bloomberg. ♪
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shery: four minutes away from the start of trading. here are some stories we are watching today from japan. a former boj officials saying the central bank has reached the end of the line of normalization
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under the governor. softbank looking to increase a margin loan to $10 billion. japan set first biggest new listing since 2018. an hr firm which operates a popular recruiting platform will start operating on the market today. haidi: let's get a quick check of the latest news flash headlines. stricter requirements may be acquired for investment terms and increased transparency. also facing pressure from capitol hill to shed more light on who is shorting the companies following the gamestop frenzy. there are said to be talks to refinance barring -- at least $333 million.
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before they are pushed into insolvency. ahead of australia's biggest admit or of greenhouse gas, the head has resigned. the current chairman, graham hunt, has been named as interim ceo, effective immediately. let's look at some of the stocks were watching going into the start of trading here in asia. >> watching reaction to production updates, keeping an eye on what local media is reporting. switching out the board, asian chip equipment makers are on watch after bullish outlook. sales grown 30% on the global chip shortage.
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and the possibility of working with amazon as it seeks to expand its nonmobile business. and were watching hyundai motor with its earnings report do. 80% increase in operating profit , bouncing back in the car space. shery: coming up, what should we expect from president biden's virtual climate change summit? we'll get a preview from washington and from global -- from hsbc. and more market analysis with the head of asian-pacific fixed income. discuss the latest on that start up the market opens in sydney, soul come and tokyo, next. this is bloomberg. ♪
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shery: welcome to "bloomberg daybreak: asia." i'm shery ahn. haidi: asia's markets have just open for trade. asian socks -- stocks, traders turning their attention from the pandemic to corporate earnings. and there could be a lifeline from the pboc, with a $15 billion plan to assume the bad
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debt assets in a major show of government support. president xi jinping may set to announce new goals in a virtual speech at president joe biden climate summit to ease tensions between washington and beijing. let's take a look at the market open now with sophie kamaruddin. sophie: after the worst today slump for some time, it lost over 4% in that stretch. a pause in value place in japan. the -- debut of vision which makes the biggest listing in more than two years of softbank for japan. toshiba reporting it is keeping the company private. others on tap on a rosy outlook.
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let's turn to south korea. hyundai motor announce first quarter results, shares have jumped more than 17% this year to make it one of the best auto stocks and stocks in sold gaining around, samsung edging higher this morning. and seeing how the aussie share market is starting off, above 7000 points after it fell to a one-week glow on wednesday. bonds are rising ahead of kiwi buying from the rba. we saw u.s. stocks snap a two day drop. in the oil patch were seeing brent under pressure, going toward the 75 level. also concerns around the demand picture as well as pick up in u.s. industries.
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and watching to see if it correction after a three month low. credit suisse flagging more losses ahead for indian equities and it may be sharp and may not last long. recommending buying the debt on a nine-month view. shery: let's get more analysis with mark, telling us how we are seeing some gains for japanese stocks. you have to put this in perspective. japanese stocks have been under so much pressure heading to the 200 day moving average. what is going on here? mark: it's a very interesting time in the japanese market. the gains this morning are not just the fact that they're falling what happened on wall street overnight, but it's also because the bank japan finally came back into the market late yesterday to buy some etf's that had been missing in action.
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the market was a bit confused about what was the strategy from the bank of japan in terms of whether they buy or don't buy etf's. they bought in the something around the equivalent of ¥70 billion. in the market needs it because things are not going well at all. there is a long list, a lot of concern that there could be another spate of emergency in japan, asking the japanese government to make a ruling on that. there's still a lot of confusion over the olympic dates, it might not be until june before they make a decision whether there will be spectators at the olympic games. that indecision seems to be hanging over some of the sentiment in the market as well. the and is getting too strong -- yen is getting too strong. the dollar just recently -- apart from that, the topic index
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has turned pretty bearish this week, burning through some support levels. that's partly why they had such a bad start to the week. japan stocks need as much help as they can get. the bank of japan -- investors will probably want to see a more sustained deficit, seeing it coming up a bit more regulated to support the etf stocks. haidi: we're watching that a little more keenly today than other days. the trajectory when it comes to dollar you want tracking lower, is that pretty well established? >> it seems to be on a clear downward path. there was a while when treasury yield rose but now it's stabilize and we seem to be seeing a softer dollar all over the g10 space and for the yuan
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as well. we may be heading back to the bottom of the range. the fact that we are close to 650, the spot rate is actually below that so far it has not been below 650 in recent days. the fact that it's a psychological level for some traders in the market, the pboc will probably be aware of that. they're reluctant to push it below 650 just yet because it i want to get too carried away on the downside. they wanted to continue with the slow, gradual move lower. the fixing element today will probably be a setback. the people are bullish on the yuan. the fundamentals for that plus the fact that there's talk that even the pboc may be willing -- reluctant to support some of china credit space. positive haidi: mark there in singapore.
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let's get to vonnie quinn with the first word headlines. >> sources say the by demonstration will soon begin restoring california's power so that emissions in vehicles will have tougher rules across most of the united states. the moves would reverse to trump air policies and allow the state to mandate zero emissions vehicles and mandate tailpipe emissions. australia has canceled to members of china's -- in a move that could further strained ties between the two nations. australia's foreign minister said the deal signed in 2018 and 2019 are inconsistent with the country's foreign policy. china's embassy in australia calls it a provocative move which brady -- which may further damage relations. regulators are considered -- said to be considering tougher
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regulations after gamestop. exploring how to increase transparency for the tops of derivatives. the regulator faces pressure from capitol hill to shed more light on public companies after the gamestop frenzy. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. shery: still ahead, we are hearing beijing mate lynn support to a bad debt manager using pboc funds. details next. plus hsbc has ranked 77 countries on their ability to shift from fossil fuels and profit from cleantech. we will tell you which are in the lead. this is bloomberg. ♪
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shery: chinese government bail out our backstop maybe in the works to clean up balance sheets on wrong asset management. china's considering a plan for the pboc to sue more than $50 million of unprofitable assets from the asset manager. stephen engle is taking a closer look at this. what do we know so far? stephen: obviously, last week speculation about a possible debt restructuring sent overseas bonds down to record lows due to a flood of uncertainty about what was going to happen with this company. could there be a market contagion was the big concern and led many to question whether there were indeed those long-standing implicit government guarantees in place. also what this report coming from sources close to the situation would likely mark a significant show of government support and that could make
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foreign bondholders breeds a little easier after a tumultuous week. saying china is considering a plan that would see the seed -- pboc assume more than 100 billion , that's $15 billion u.s., and bloomberg news reported last week, a few days ago that it was considering a restructuring plan to offload some of its nonperforming or unprofitable and non-core units. this plan by the pboc if it does come to fruition is still being discussed, reportedly to clean up the balance sheet and refocus its core business on managing distressed debt. the banking and insurance regulatory commission last week said it was operating normally and had ample liquidity, but generally authorities had been
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quiet over whether the government step in with financial support. right now the story is, according to sources, that the pboc is considering offering some sort of bailout, if you want to call it that. haidi: the government has been required about its financial support. stephen: look at the numbers, i think it tells the story and the situation they're in. 1.6 trillion yuan of liability. it has a vast web of connections within the chinese financial system. systemically is probably the most important company within the state owned enterprise, the financial realm of companies outside the state owned banks. a closely watched barometer of the government's willingness to backstop the debt. the big question going forward is, where do the foreign bondholders stand?
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this is china's number three financial issue or of international issuances. so it is closely, closely watched. and foreign bondholders will be watching this news today quite closely, after what we've seen in dollar bonds whip sawing last week after the story first y: it wasn't just on dollar bonds, it was also credit default swaps across asia. the latest report sending it down by the most this week. asian investment grade dollar bond spreads are also tied in with yield premiums widening. let's get straight to our guest, the cohead of asia-pacific this income at alley on's. great to have you with us. what do you make of the pboc potentially stepping in and helping them out? >> it seems late last year after
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china successfully battle covid, it shifted his focus to credit clean up our deleveraging. both onshore and offshore investors have experienced more risk. this is something new. it's the first time ever that debt restructuring concerns are raised over a large bond issuer with a low single investment rating and direct ownership. so why would it not be a household name at chinese banks? it is dramatically important as an institution for china and a major issue were in one of the largest issuers in the market.
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it leaves the chinese authorities walking a fine line. they're trying to reduce moral hazard by showing that even state-controlled institutions do not blindly enjoy any government guarantee. it will limit the damage to china's offshore market, particularly -- shery: there was some speculation that perhaps they could come between outright default and the bailout, that potentially they could let their offshore subsidiary fail, but leave the system intact. >> i think it's a very unlikely scenario. first of all, corporate restructuring doesn't equal debt
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restructuring. i think that any debt restructuring most likely will trigger a disorderly chain reaction. domestically and under and offshore market, something the government is truly anxious to avoid. if you look at what happened last august, a much smaller institution made around ¥400 billion and it went belly up. the pboc took it over to prevent any contention. therefore it's hard to imagine the authority would be prepared to let an institution for a five times bigger go to the wall without stepping in. haidi: when you say that asian investment grade credit is likely to see volatility, where do you find buying opportunities
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in that volatility? >> it has already had contingent -- when you look at what happened last week or the past two weeks in the offshore market , tense and a delay the new issuance in the china dollar market, we do think there will be lingering impact on china, particularly investment grade bonds in the future. the market is attempting to price our reprice related are contingent sectors with similarities, which is relatively low transparency or high leverage or both. and how should government support be price going forward? and with spread widening of different bonds.
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these are three things overall that will create buying opportunities, for example in some of the -- such as the other management firms. brokerages, leasing companies and others. haidi: really great to have you previewed coming up next, president biden is set to unveil ambitious business targets and addressing climate change. we have details ahead. this is bloomberg. ♪
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shery: the world's two biggest
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economies are locked in a geopolitical and economic chess match and have been sending parallel and equally ambitious emissions goals. will look at climate change that could turn china and the u.s. into unlikely allies, or if there will be other forms of conflict. >> president xi has pledged china will be carbon neutral by 2060. edging plans to slow them missions growth, hitting a peak 2030. boosting nonfossil fuel sources and green tech, reducing pollution and pushing to "electrify everything, while hooking more industries up to carbon free output. not to be outdone, president biden is aiming to be china by decade. he wants net zero emissions by 2050 and emission free electric grid in 15 years.
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china's leader has a record of deals with the united states, while john kerry initially took a swipe at aging's but now says he hopes the u.s. can work with china. parallel policies and key personnel could open up a new front of cooperation between the two economic giants. but chinese diplomats have warned that working together will depend on biden stance on issues including trade, hong kong, and taiwan. >> those issues will never be traded for anything that has to do with climate. that's not going to happen. >> the two countries are also finding their own journeys to net zero problematic. china acknowledging it will be an uphill battle. china's total coal use is still rising and needs to balance economic goals with writing and pollution. partisan divisions in the u.s. may force biden to compromise on big policy leaps. but whether the two major economies class or collaborate,
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one thing is certain, zeroing out emissions is a key aspiration for both. haidi: and china one of the dozens of countries attending the meeting, celeste bring in the head of aipac research at bloomberg. what are you hearing? >> i expect president xi to take a relatively conciliatory message to president biden, took in great -- congratulate the president on his initial agenda and try to reiterate the commitment is china has made. it's unlikely that he will announce any real reduction targets would rather he will probably emphasize the common differentiated responsibilities embedded in negotiations around climate change since the first summit in 1992.
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basically that means it's about cumulative emissions and developed economies that started a meeting earlier have a higher responsibility then countries like china. how china is the largest emitter today, it surpassed the u.s. in 2005, on a cumulative basis, china's emission since the industrial revolution are still below that of the u.s.. haidi: president biden's pledge seems to still fall below some european targets. how far does it go? >> the new u.s. target which still needs confirmation, it comes out with something around 50% reduction, that is pretty ambitious and puts the u.s. on a path to be able to be more in line.
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to be fair, if you look at the nature of the economy, it's a little bit different. the u.s. has a much larger resource sector in terms of all and gas production coming into europe. the u.s. target is still pretty ambitious. what remains to be seen is whether president biden can actually enact the target and make sure it doesn't become yet another policy goal that republicans blocked from achieving. haidi: what are you most looking forward to an which are the countries most crucial to this fight? >> pretty much all the major emitters are represented with the exception of iran which has not been invited to the table. was most interesting to see is residuals president as well as
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per minister modi from india. the target is actually pretty ambitious but under president bolsonaro, the country is falling behind. in particular the amazon forest, which is one of the best sources -- deforestation has actually increased and it's a bit of an issue, or other countries are very concerned around the trend in brazil. it will be interesting to see if prime minister modi announces any new targets. right now he's facing a tough political environment in the country so it might be a potential opportunity for him to reset his agenda and garner more international support. shery: coming up, makes deals between china's initiative and
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the victoria state government. the reaction from beijing, next. this is bloomberg. ♪
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>> this is daybreak asia. i'm vonnie quinn with the first world -- for sort headlines. a controversial locked law. official struggling to contain a fresh wave of coronavirus infections as putting intense pressure on hospitals. it gives authority to impose tighter restrictions. the uk's transport secretary said he holds regular talks with his u.s. counterpart about his travels. he said there's a case for travel between the two highly
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vaccinated countries but the ban imposed by former president trump would need to be loosened for any deal. passenger numbers between the u.k. and u.s. were down 99% this month compared to two years ago. more than a century after estimated 1.5 million armenian civilians were killed at the hands of the ottoman empire, the new york times reports the president was expected to make the announcement this weekend. joining 29 other countries including russia and syria. russian police arrested nearly 1500 protesters throughout the country amid demonstrations demanding the release of kremlin critic alexey navalny. many leaders were left under arrest are in exile. navalny said -- his health appears to be in severe klein
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after a three-week hunger like. the former police officer convicted of killing george floyd is reported being held in solitary confinement. he was convicted of murdering george floyd last may by kneeling on his neck for more than nine minutes. he will be sentenced in june. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. shery: msci asia seeing its best day in a week. let's turn to sophie kamaruddin for more of the action. sophie: the nikkei 225 adding more than 1%. the biggest boost to the benchmark with a bullish outlook.
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the kospi rising .4% this morning. commonwealth bank among the biggest gainers there. energy stocks under pressure in sydney, despite sales revenue for the company. check in on the yen, it's helping but jp morgan sees potential for a move to 1.04. one forecast saying u.s. yields will not rise much. ecb checking in on the euro holding around 120. clarity expected from the ecb with gains for the canadian
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dollar. some of the gains trading at 125. once of our situation improves in china, and the offshore in the staying below its level with -- earlier telling us the best days are likely behind us. haidi: let's take a look at one the stories we're tracking. relations between australia and china are -- looks set to worsen . paul allen joins us now with more. what was expected, and what has the reaction been? paul: it wasn't expected. there was a memorandum of understanding and the framework agreement that was signed between the state of victoria and china on the belt and road
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initiative. it was aimed at increasing chinese anticipation, there was no money attached but they were very symbolic. since then we we seen relations with china and australia get worse with the 5g buildout and australia made worse by calls for an investigation into origins over the coronavirus and it's led to trade reprisals from there. australia past -- the federal government canceling agreements between the states in china. today it's exercise as much as expected, the foreign minister said she considered the arrangements between victoria and china to be inconsistent with australia's foreign policy and adverse to foreign relations. china naturally very unhappy with this development, and email from the mc calls and another unreasonable, provocative move
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leading to further damage to relations. shery: it seems like further reprisals against australia. paul: i believe everybody just holding their breath and seeing what happens next. history suggest that is very likely but you've got to ask yourself what is left on the table? china has had such oh wide range of -- iron ore remains untouched , and is crucial to china's infrastructure goals in curbing imports of australian iron or would force china to seek lower grades of iron or elsewhere. we china's displeasure with australia's on frequent display. yesterday we had the deputy speaking with officials saying there is evidence to suggest maybe australia has not done either. last month it was recommended the country cancel 99 year lease
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on one port held by china. there is likely to be plenty more potential for this relationship to just keep on getting worse. shery: paul allen there in sydney. hsbc has ranked 77 countries on their ability to shift from fossil fuels, adapt to climate change in profit from cleantech. we will tell you which ones are in the lead. this is bloomberg.
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haidi: president biden's virtual climate change summit marks his first major international gathering as americans returned to global climate states. great to have you with us. so many world leaders in attendance, expectations of emission targets from a few of them. what should investors be watching out for? >> investor should be really looking out for not just from the likes of america, but whether there will be implementable actions to come from that. looking at targets that come with renewable targets and industrial targets. will there be transportation
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targets, for example. and see if they will be changing laws and regulations in these areas to make these policies implementable from a lower carbon emissions point of view. haidi: for example, were expecting to hear new emission targets out of india. if you're advising investors as to what they should be watching out for, what stocks would be benefiting from that? >> i'm not a stock analyst as such, but in a general sense, what i ask investors to look at is a transition between high carbon and low carbon, so which of those are likely to not be addressing climate change well? is going to note behavior toward lower carbon, something where stricter climate regulations could be suffering in the future. on the other hand a number of companies are already changing their business model, changing their strategy and preparing for the impact of climate.
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that's where we'll see more business and demand coming their way. it's switching higher carbon activities into lower carbon activities. he goes right across the value chain and is not the obvious ones like coal and renewables. it goes right down the value chain. shery: so which countries are benefiting the most firm revenues from climate solutions? >> if you look in a climate solutions, you've got climate revenues, industrial potential, minerals, etc.. from our analysis, we found that you got countries like china, very good on the innovation front, japan on the technological side, but also belgium and korea. we're looking at nigeria, kuwait, bangladesh and north basset dona. -- macedonia.
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the technological innovation and how well they're supported by rule of law and government. shery: so when we have these conversations about climate change, we tend to focus on the positive innovations in investment opportunities. what about the potential risk? we heard from the former pboc policy member, committee member that was telling the forum that if you have these high carbon emitters, having to change their business models that you could see a spike in bad loans and that could actually threaten financial risk. >> that's correct. there could be a number of risk. that's why a number of central banks around the world, you have bank of england, looking at the risk. they are trying to assess how well the financial system is prepared for this. the financial system itself needs to be looking at its
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climate risk exposure as a whole, who they are lending to, who they are doing deals with and who and how they are advising in terms of being ready for climate change. it's not just the mitigation side but it's important on the adaptation side and on preparing for the impact of risk. we saw it in 2011 with the floods in thailand. these can happen and manifest themselves, so you must be prepared for the longer and medium as well. not doing the work now means the potential economic cost could be higher at a later stage. haidi: what are the costs when it comes to reputational damages and lack of attractiveness as a travel destination? >> it's about the overall
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assessment of how you address climate change. for a country that doesn't take enough action, you're not prepared for the linkages required such as infrastructure, internet stability, bridges, and things like that. and we seen this disruption early last month with the suez canal being blocked. that's just one example that is somewhat related. if you have a lot of flooding that stops bridges, companies will say i don't think you are a safe place to put my long-term interest and they might take their business elsewhere, to countries that are more prepared and able to get more visibility when it comes to climate change policies and where they are heading toward mid century. haidi: what would you like to see in the biden infrastructure plan that would be transformative in the way it's being billed as for climate change? >> there's a number of different
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things coming out of the biden administration, not just the infrastructure plan, but tomorrow were expecting the national health great target of 2020 and net 042050. what we would like to see is a breakdown of targets over the short term, what will happen in five years? where will he make changes? and the different parts of the economy that can accommodate that. so what we're really looking at is how decarbonization, in essence by 2035, were looking at the transportation sector, buildings and
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aquaculture as well. you're trying to see which policies will come out and can be implemented in the near term. there's no time to wait until 2030, it's only nine years away. hopefully that should be announced today by the biden administration. shery: it looks like the most vulnerable economies aren't nigeria, bangladesh, ivory coast, tunisia. poorer parts of the world and developing nations, what can the world do to help them prepare? >> they definitely need to get up there standard living. nobody wants to prevent them from doing that. they did not contribute to the problem in terms of putting emissions into the atmosphere, but they're very vulnerable to the risk of climate change. these countries are very different in terms of whether a spring weather, floods after storms, or land degradation and ocean acidification when it comes to coastal communities. in terms of predation, -- preparation, the need to think about how to prepare for these extreme events and climactic events. what developed nations can do is
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help them with that. looking at technology transfer that wasn't available a few decades ago or a hundred years ago when developed nations were industrializing. these should be of made available to developing countries, giving on the ground knowledge to people that can make the right decisions in terms of policy and how that will affect their local communities. and then finance, that has to be the big one. what were looking for in the paris agreements is a transfer of climate based financials in the developing world wherever looking at 100 billion. numbers aside, the developed economies should be providing some finance to help in the developing world, so that they can prepare themselves because they will be the ones who will suffer the most from climate change in the coming years.
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shery: thank you very much for joining us. former bank of england governor mark carney said 2021 is a critical year for climate action. he is now you and special envoy for climate. he told bloomberg's tom keene the u.s. should meet its efforts. >> as you said paris did not succeed. succeeded in getting people in but the policies are still consistent with the world. this is a critical year for action. there's tremendous momentum now. again having 70 trillion a private e -- private capital coming which was announced today is a type of momentum the world needs. >> let me ask a rude question. how do you convince the united states senate? >> first, it's in the united
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states interest directly in terms of the impacts of climate change. it's also fundamental, and i'll refer to the comments of secretary blinken a couple of days ago. it should be an issue of economic competitiveness. the world is moving in this direction. the firms that are innovating, that are lower carbon, that are far to -- part of the solution, or doing very well. they will do much better. this is where the world is headed. the question is pace. the u.s. is many things and should be the leader, can be the leader, and those countries that are the leader will reap the rewards that they should. haidi: tune into bloomberg radio to hear from bloomberg's big newsmakers. we're broadcasting live from her studio there in hong kong.
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you can also listen at this is bloomberg. ♪
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haidi: china sandy truss regulators have put most internet providers on notice because of behavior related to alibaba. until recently the so-called companies had flown under the
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regulatory radar. stephen engle takes a closer look at how quickly things have changed and a new television special, redlined china and big tech. >> companies like ours use 15% of our total revenue to do r&d. i think the government would like that. in the meanwhile, antitrust is also good for innovation. just cannot imagine the number one and number two guys gaining number one market share in china. that's not good for innovation. i think the antitrust push is kind of justified. >> one way they grew their girth was by pouring billions into many of china's next generation tech unicorn's, sometimes even cross investing in the same startup.
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it obviously further inflated the big let forms offering, but arguments can be made on both sides whether the m&a closed off or cracked open competition. >> when you come into one company and say -- i am at a competitive disadvantage. so i think some pressure to at least make the groundwork clearer, that would certainly be helpful to us. us meaning investing into early-stage technology companies. quite frankly it was the goal of using new technologies to possibly disrupt some of these big companies. >> more competition could be helpful to alibaba. we also see it with streaming
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sites. all the traffic of the tiktok's of china, you actually see a real opportunity for these companies eventually to make a dent in e-commerce. it's not there yet, it's happening, but there is competition on the margins of alibaba. stephen: is important to note that many of these investments flew under the domestic antitrust radar because nearly all the chinese companies listed outside of china are done through a variable business entity structure. >> for a really long time, the antitrust authority did not that any cases involving the structure. for fear of granting it legitimately because these said always operated in a legal gray area. as a result of that, you see the duopoly that you just mentioned. alibaba and tencent have made hundreds of acquisitions without
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making any notification to the antitrust authority. the authority is sending a signal and making it very clear that it will no longer be accepted. they are going to scrutinize those deals. although some have said it might be a little bit too late. shery: see more of our investigation this friday on bloomberg television, redlines, china, and big tech will air at midday hong kong time. you can also watch online at here's a quick check of the latest business flash headlines. intel one a patent trial that allowed it to avoid being hit with paying a multibillion-dollar damage award. a texas federal jury cleared it of claims it was infringing on a patent on wade's -- on ways to speed up computer. it was a second three trials
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against the chipmaker. intel was forced to pay $2 billion in the first. the third is set for june. u.s. regulators are said to be examining disclosure rules. stricter requirements may be an -- required to increase transparency. also facing pressure from capitol hill to shed more light following the gamestop frenzy. china is said to be considering a plan to support china huarong. sources tell us the pboc may appeal more than $15 billion of huarong's assets to help clean up its balance sheet and refocus on its core business. it's also said to be in the process of transferring distressed assets into a separate offshore entity. haidi: coming up, more analysis on the markets.
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that is it for "bloomberg daybreak: asia." market coverage continues to look ahead to the open of trading. bloomberg markets china open is next. this is bloomberg. ♪ (announcer) back pain hurts.
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david: this is my kitchen table and also my filing system. over much of the past three decades i have been an investor. the highest calling of mankind, i often thought, was private equity. and then i started interviewing. i have learned from doing my interviews how leaders make it to the top. >> i asked him how much he wanted. he said 250 and i did no due diligence. david: how they stay there.


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