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tv   Bloomberg Markets Asia  Bloomberg  October 3, 2021 10:00pm-12:00am EDT

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need a new version next year to tackle future variance. david: unexpectedly, actually, the group moving across is on the back of these news coming out of the weekend. yvonne: there is a covid pill and lots of virus news. rishaad: also the need for a new vaccine for the middle part of next year. they will need to work on that. that will need further spending. david: markets are down before hong kong opened up, japan started losing some steam. it is fairly risk off this monday morning. having a look at market wise, when you look at hong kong today, there is an element of touchdown from being shut down on friday. other markets are of course, coming under a bit of pressure like australia which was at one point up over 1% here. solvent markets are doing this. that is the macro story today.
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i mention hong kong. have a look at what we are on these benchmarks here. we are closing in on the hang seng index or tech index. i will get out of the way. here we go. when you look at these levels. 24,000 on the hang seng index. we are closing in on some of these lows we hit a couple of weeks back. whether that is september 20 or august 20, if my memory serves me right on the hs index. that will take you to fresh lows for 2021. we are looking at oil. yvonne has a story. that could dovetail into this inflation conversation. yvonne: it is hard to find oil bears out there right now given the fact that you have the demand side. you don't have not a lot of long-haul flights emerging out of covid. have the fuel system switching going on where they are switching out of expensive natural gas to cheap oil.
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then you have the supply concerns as well and whether opec can deliver and potentially also brave output beyond the 400,000 barrels a day they agreed to last year. the key question is will this sent it to $80 or $75? rishaad: they are saying that it is all about opec ultimately. it will move the dial in the absence of oil coming out of iran. the big story is ever grand again. their shares have been suspended. this indicates that we are trading at 15% of their liquidation value this coming from the bond as well. it was due yesterday. we don't have real news on this, whether it is being paid it this is a bull since it is a limited grace period. let us bring in our chief north asia correspondent. david: i am looking for a reason
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for the trading halt today because over the course of the saga, they have not and suspended before today. this unit as well as a property services division have been halted. the energy vehicle is still trading so my guess is that it is not an absence sell for energy vehicles otherwise, they would be suspended. essentially, if the timing is coincidental or tied to of course, this jumbo fortune enterprises bond, $260 million bond that matured yesterday essentially, the principal is due today. if it is not paid, it is a default. it is different from the coupon payment from the last couple of weeks which all accounts, they missed to the tune of $125 million. they have grace periods of 30 days. no grace. -- period. rishaad: it is a public holiday
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in china. reporter: there could potentially be administrative duties. when you have a suspension of shares, you need clarification as to what you suspended them. we can draw the dots if you want their talk about this principal payment that is due yesterday, essentially today. by all accounts, there has not been any -- yvonne: are there any other jumbo fortunes out there? reporter: bloomberg intelligence and other analysts are saying that evergrande has hundreds of other up debts similar to what we saw. we don't have the exact number. we did not learn about jumbo fortune enterprises connection to evergreen. we know it is a joint venture largely owned by the real estate company which is the musick property arm of effort -- ever
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-- the mystic property arm of evergrande. rishaad: we're looking at this space. how will it lay out? -- play out? on top of this, there seems to be restructuring, re-incense and, a move to save this company it seems? reporter: no, clearly they want to save the homeowners who have paid their deposits. rishaad: that is how we get who is the priority echo -- priority? reporter: look at the news last week. we got the bank from the northeast part of china that evergrande controlled a stake in. the government bought that steak and has been telling them that those proceeds from that sale to the tune of 15 billion dollars cannot be used to be foreign bondholders. they are to be used to pay off the debts to that bank regarding their property. yvonne: thank you so much.
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some breaking lines are crossing here. macau blocking a plan from some notes last week and speculation that they would offer some quarantine free travel there. at this point, halting that plan resumption right now. more problems i guess, for the macau casinos out there. rishaad: they will take a break from the activity and see what going on elsewhere. there is other news. head of the german government developing the code vaccine, it will be needed by the middle part of next year to protect against future mutations. they are telling the financial times that the current variance such as velti were not different enough to undermine current vaccinations. new strains will emerge that can evade booster shots in the immune sensors. she will declare later today
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that data is not in compliance with the phase one trade deal. to outline the file it in administration bilateral relationship at the event hosted a think tank. cnbc setting ident -- unknown sources that they are not in compliance and that washington is evaluating possible further action. u.s. democratic progressive looking for ways to rescue the stalled domestic agenda has opened the door to scaling back some social spending. they're looking for ways out of the deadlock after nancy pelosi scuttled last week's plans vote on a $550 billion infrastructure package aggressive's want an agreement on 3.5 trillion dollars in social spending and tax increases. >> one of the ideas that is out there is fully funded what we can fully fund. maybe instead of doing it for 10 years, you do it for five years. rishaad: u.s. will halt record
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of pressure on china to taiwan after daily incursions by warplanes chinese aircrafts conducted 16 flights near the territory on sunday after 39 on saturday and 38 on friday. u.s. state department says the military action is destabilizing and does risk to miscalculations . that is a look at the first word . david: the news from the cow -- macau is leading to gyrations the stocks. just coming out right now that they are halting plan put it the chinese city. i am looking at market reaction here if any because we were a little bit higher in terms of the names there. give me just a couple of seconds to recap some of these things happening here.
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on the back of the news that the border will not reopen, we are coming off highs right now as far as those equity markets are. yvonne: you got the bad news of revenue estimates and that you got jp morgan talking about how when it comes to the sector, all you can do is breathe a sigh right now because of the uncertainty out there when it comes to policy. they wrote saying, look, the sector could state nearly on investable until clarity emerges that will not be likely for six months. rishaad: that is what it is all about. they are going to have their license renewed who is not, i suppose, what all these jitters are about ultimately. yvonne: another jitter in the market right now about these energy crisis as well as what we are expected to hear from opec plus, as they meet on monday to review their out policy and the global energy crisis continues. following inventory and recovering demand has prices up in recent weeks.
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let us get more with our energy and commodities editor. any expectations of what they will do today? will it be a rubberstamp? reporter: high there. -- hi. the minimum they will do is increase out by another 400,000 barrels a day. that is the rate they have been doing but the question is will they do more? firstly, just the global economic recovery. it is possible they will look at the power rationing in china and decide that will offset that a little bit. the other big thing will be the spillover effect from the power crises in europe and china. the oil product used for electricity veneration in those develop economy may start to be used in other economies on the other end of a particularly cold winter and diesel. use for diesel will go up
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because of a houston small-scale generator. those are the questions they will be weighing. they will be taking into account what the white house has been saying recently, expressing concern about higher prices. 400,000 barrels a day minimum. significant possibility it could get higher than that. rishaad: what happened in china really highlighted the weakness in the infrastructure. they may have to take some really big steps to perhaps, address that. what is the deal? reporter: several factors which contributed to the crisis in china. one of the big ones is they tightly -- tightly regulate power prices there. they are allowed to rise and that means a lot of generators struggling with the surging coal costs and decided not to raise production because they will be operating at a loss. they are to relax that a little bit our prices rise.
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in the longer term, they could make big structural changes. there are some pilot programs happening in some provinces around that. another thing they are doing is over the last couple of years have become stricter about mine safety and that action to deadly accidents. there was a piece a few days ago in a local coal industry publication that was written about saying they will relax those efforts. this winter -- for this winter at least. another big thing that we will be looking at in the long term to improve is the grid and put more conductivity into the red. also possibly, tilt up storage inventories of coal and gas like they do with -- built up storage inventories of coal and gas like they do with other fuel. yvonne: we will get the outlook
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for key asian economies later this hour. rishaad: our exclusive interview with the trade industry minister in singapore and the future of doing business in singapore emits virus curb and the outlook for reopening. this is bloomberg. ♪
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david: welcome back to the show. just a look at -- this is where index composition comes into play. son of your casino plays are down on the bloomberg gauge on the back that macau will not be resuming that border opening.
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also, health care to the other main drag on the index which, by the way i will get to where it is. biologics is the biggest point drag right now. 61 points. my mistake, 61 of the biggest points. as we can see, substantial losses here and just very briefly, the benchmarks at the level at 24,000? that is a rough late new 2021 low. rishaad: let us take a look at singapore. as it holds discussions with several countries and regions on vaccinated travel lanes. we speak with the industry mr. ensco chair of the covid task force. gan: we are fully on track to living with covid-19. we are committed to covert resilience this time, where we
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can tap on the brakes. this will allow us a slow down and growth in the number of cases and give us more time to allow our health care facilities to ramp up as well as shift towards these new programs. i think this is our strategy for living with covid-19 over time. anchor: can we expect the u.s. to be included in this traveling? gan: we are in discussion with other countries and regions like europe and the u.s. to see how we can take this one step further. it will require everyone to discuss how the arrangement will be and once -- what a process is like. we'll be able to then begin the vaccinated travel with more travel -- countries. we are discussion with several countries including europe and the u.s. as well. anchor: that is by the end of the year, minister? gan: we are hopeful to do so by
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the end of the year or even sooner. anchor: despite an 82% vaccination rate, the cdc is steaming singapore high-risk fire assassination. what is your take on that? gan: it is important for us to work out this traveling. to ensure that travel and visit singapore safely, there is a ways to go. therefore, we are in discussion with the various countries mentioned as well as the u.s.. yvonne: again, speaking exclusively to our co-anger. -- anchor. context ceo say all new covid vaccines will be needed next year as the virus continues to mutate. we have details coming up. this is bloomberg. ♪
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rishaad: biontech research covid-19 along with pfizer saying that perhaps a new formula will be needed to protect us against the virus next year. against future mutations. yvonne: sigh, right? she is here with more. it is a continuous evolution. reporter: what we are talking about is variance. it is important to recognize that there is a risk that we will have additional evolution happening. more stations and will need an entirely new set of vaccines about the middle of next year.
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that is still theoretical at this point. before anybody panics about it, just know that everyone is watching it. they are ready if it does happen but it has not yet happened. david: rishaad: there could be a cure or something that prevents you from getting very sick. tell us about those plans? reporter: a cure is ambitious. it is still really great news. they have this drag that reduces the risk of death by 50%. the most important part of that is this is a pale that you can pick up from your doctor. it is really easy to make. it is not infused. it can make a huge difference. yvonne: can it replace the vaccine? reporter: absolutely not.
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if you get a break their infection or you cannot be vaccinated, this will reduce your risk of dying by 50%. rishaad: with what biontech said, it got different variants and you'll need any pill right? reporter: it should work more broadly than the vaccines which are targeted to the specific mutation that we have. obviously, vaccines provide some immune system boosting that generally, works broadly and some specific things as well. the people should work more broadly across the board as well. yvonne: any direction we are going into now. thank you for joining us out of hong kong. here's a latest business flash headlines. a facebook was a bar has accused them up in profits ahead of user's. to give her first comments to 60 minutes and how she passed
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thousand -- thousands of internal documents to the u.s. congress and wall street journal because of this risk they pose. tesla delivered a better-than-expected 241,000 cars worldwide. a record for the electric carmaker. they call it an eye-popping number. quarterly delivery is one of the most closely watched indicators for tesla. while there is a barometer of the simmering demand, they accounted for the overwhelming amount of cars shipped. electric truck maker has disclosed a $1 billion net loss in its paperwork. the amazon back start up reveals more than 50,000 vehicles had been preordered and that amazon will have exclusive rights to delivery vehicles for four years. amazon ordered hundred thousand chucks but be 30 with the first
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10,000 do this year. a filing shows that investors but $1 million in new subsidiaries calling it reliance international. they would -- invest in chemical products. delta airlines is adding to international destinations from boston. tel aviv and athens and boosting capacity by 24% over its previous peak. it will position them to compete better with the jetblue alliance. it is subject to and by competitive lawsuit. david: let us have a look at these markets. monday, we reopen in hong kong not too good. that is about 600 points. the currency story is mixed. i would have liked to say it is a down -- dollar down story but you get an offshore currency,
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sing a bit of weakness and as you can see, that is moving up in terms of statistical importance right now. u.s. treasury curb was slightly steeper. we are fairly steady. that is of course at the jobs report and central decisions in asia this week asia-pacific i should note, a quick glance across sector groups. energy as expected where we are with prices and multiyear highs. the only group getting a little bit. everything else is an offer right now. quick glance across movers and hong kong. an hour into the session. everything is pretty much down. we look at his health care place, it is dragging down the index. down 600 points to a new low, guys. so yes, we are here once again. with mainland close and parts of the evergreen story not halted,
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there is only one way to reflect what your sentiment is. rishaad: they are out for once break as well. we could be sick -- yvonne: we could be seeing another four days of this. plenty more to come. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at that's
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yvonne: 10: 29 in hong kong and shanghai. let's take a look at the dollar. been pretty slack but mixed across asian fx today. we are on the strong side when it comes to the bring back the kick on the second day of the fourth order. but us get more on the d.c. drama. nancy pelosi's new target date to pass the stalled $500 billion infrastructure bill. she wrote her caucus on saturday saying she has act off a pledge to bring the measure to a vote
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this week because it would have been defeated. rishaad: but us get more. bruce, is there any side of any negotiations that are working, progressing and not just with immigrants but to get the other side as well? this partisanship is really deep. reporter: we can forget about getting the other side and. this is not a negotiation that may go -- were publicans are in. they will not go for anything good let us put them aside. within the democratic caucus, we are seeing negotiations that are taking place. we are seeing signs of it in public. the head of the progressive caucus in the house has talked about putting a time limit on some of the spending. aoc has said the same thing. the idea there is because the moderate conservative democrats
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who want to bring down the price tag have said we cannot go for 3.5 billion for the big thing. gotta get it down. one way to do that is instead of these benefits go for 10 years, let us cut it down to five. it might be put italy beneficial because it five years from now, it will be time to potentially renew these things and democrats can run on a campaign of keeping these things going. there are definitely signs that things are happening. yvonne: some compromise. what areas do you think that where progressive say no? reporter: she said when it comes to the climate provisions in the reconciliation bill, we cannot shorten those. just the nature of climate change. it's not the sort of thing you can come back to a couple hits -- years from now. that seems to be for now, a
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redline for the progressives in these negotiations. david: amid all of this, it is unsurprising to see ratings agencies like fitch late friday who said some of this could undermine the aaa rating. not that they are to pulling the trigger. that goes into the other question. what is the timetable for putting this behind us? reporter: we have heard that nancy pelosi said she wants to see a vote on the infrastructure bill so that is the smaller of the two bills. that will be by the end of the month. both speaker pelosi and president biden said look, we want these things to go in tandem. we have the month of october to get the bigger bill done and as part of that presumably, there would be something to address the debt ceiling problem which could get to the point you made and raised about concerns about possible default. rishaad: impasse in congress.
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let's move things along and have a look at the first word news. the world's largest oil trader, hope lustful will influence prices over the next coming months. the pandemic reverence energy markets. they are saying there's a chance of an iranian oil returning to shale producers cannot raise out but. chinese evergrande halting their stocks being sold and their electric vehicle has not been suspended yet dollar note comes due that some bondholders say is guaranteed. it wasn't noted at $260 million. hong kong cheek -- chief executive will use her annual policy address on wednesday to announce plans for a half
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million new houses. the apartments in the northern territories be part of a new business and start up hub. hong kong housing as well. developers are holding lent dutch hoarding went to boost prices. that a massive document link that has -- lake that has showed -- leak that is shown how the ultrarich hide money. they have dubbed the 12 million files the pandora papers. secret accounts include jordan's leader, tony blair, and former associates of russian president vladimir putin. yvonne: breaking news when it comes to japan. we are hearing a little bit more about what has been going on with their plans to hold a general election according to an hk right now, we are expecting that date to be on october 31.
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halloween is when we will see that general election. it will bring you the latest there on his cabinet. a lot of questions about his charisma. the ability to avoid losing seats and not just general election but also what is ahead. lots to talk about their. busy week when it comes to asian central banks. the decision on wednesday may prove the most interesting. a majority of economists say it will have a 25 basis point hike after it beat estimates. in india, forgot rising energy costs forcing the central bank to shift its focus on growth to working on the prices. let us bring in the chief asian economist at what shebang. -- deutsche bank. what will you be watching out for the most? julia: i think what you mentioned, we are expecting a rate hike there.
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one of the interesting things is rba. when that we don't expect the changes, later on on friday they will release a financial report. there were raising concerns about mortgage debt and what we could expect from potential collations coming from that economy. that is quite interesting. the other part is the rba in terms of their operations rishaad:. get -- operations. rishaad: give us a sense of what central banks can do? they could make some new ammunition for problems down the line, right? julia: at the moment, basically they are tilting their policies for removing corporate emergency measures. that is what we are seeing from what they said and we will see if they will hike rates as well.
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it is more about basically, trying to remove some of the emergency as a move forward in terms of moving on from the pandemic. david: that then takes us into other tools like macro preventive measures. a lot of these plays are still grappling with inflation that is not about targets but well above target in several places. you talk about the bank of korea and their worries about financial stability. are there any potential tweaks and adjustments you expect from central banks in the region? julia: if you look at rba, what they mentioned is looking at high households and their ability to service a debt rate in korea, they have tightened the dsr. that is sort of like trying to manage or prevent a further search in household that. not just in hiking but taking -- tightening the monitoring and
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regulating. you can see mortgage, especially their targeting markets for some of the central banks and tightening potential regulations as dimension. you can lower the dti as well. david: yvonne: he also have this power crunch we are seeing globally. i'm starting to see places like india grappling with this and struggling in the midst of higher and record fuel prices. how do you think this will play out and which economies will suffer the most? julia: if you look at it in terms of the impact in asia and the ones who suffer the most are these north east asia economies. most of their commodities and fuel energy. that raises concerns but at the same time, if you look at these
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prices, some of these achilles have not been raised because of covid we need to see some adjustments. this reflects some of the hurdles we face in terms of green energy condition. but public, and india as well. rishaad: the reason i asked my question earlier is we got china slowing down. we don't know what degree it will slow down too and it is 18% of the global economy here. that could put world growth overall. what do central banks have in their kit the able to deal with slowdown? julia: if you look at the third quarter, we will see is significant close -- slowdown in china already if you look at the expert growth for asia, it has been very strong. asian economies are expert in growth.
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they are coming up from the very high, especially in developed economies and it will slow down but still, as economies are growing around their potential and it will be until the second half of next year barring some of the risks that you are mentioning in your different segments. david: talk to us about southeast asia and any economies that stand out to you that could merit more attention right now given the slowdown we are seeing and a write up for 2021? julia: we have revised down significantly for the australia and singapore in terms of the dynamics of growth, it will be growing. for vietnam, we have marked down significantly but expecting it to be found next year, especially in terms of vietnam improve terms of supply chain disruptions. vaccination is a key. you are seeing pretty rapid daily vaccination rates there.
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by basically the first or second quarter of next year, you could see that improve. in some ways, we have left the worst behind in australia and see improvement going forward as they emerge from covid this means we see low growth in stock in 2021 and 22. some of the economies like vietnam will do better than their counterparts. david: that is what everyone said this time last year. that southeast asia would recover but here we are. just some news here as it pertains to evergrande. they property services unit which is suspended today at hopson development is requiring the majority state -- acquiring the journey stake there in the business. 51% at 40 billion hong kong dollars for that steak-- stake.
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rishaad: we got the philippine president announcing he will retire from politics leaving the public guessing on who he wants as his successor. ♪
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david: welcome back. here are the movement across these benchmarks. jakarta and over in ho chi minh, vietnam. this is how we are looking. mainland markets are shut as well as south korea so you don't get the same volumes overall. quick glance at movers. we are looking at -- to at least two. a copper and energy story. there ago, 2.5% in singapore. yvonne: a government minister has administered that the administration can do a better job communicating its virus strategy to attempt the presidential frustration over confusing signals on the financial hub reopening plants. rishaad: let's get more on this. we heard about divisions within the ruling party.
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is this info -- evidence of that infighting? reporter: the perceived mixed-signal sent by the party leaders who are also the government ministers in charge of the endemic task force have created confusion on the ground as to whether singapore will charge ahead with reopening or recoil in the wake of rising cases. there is simmering frustrations that are representative of the audit sentiments in the society right now on what is the strategy going forward? yvonne: how will they address it then? reporter: the leaders of the task force have acknowledged that there are frustrations of the ground that is confusion on the gun on what is singapore
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going to take. they are saying what they're trying to do is follow health care protocols. they can be easily understood. they can better mitigate this strategy on the communications front, making it clear that they are still bent on reopening but the fact that they countries are seeing rising cases, it needs to slow the pace down. it is still moving ahead towards reopening good -- reopening. david: our asia investing reporter. let us stay in southeast asia and talk about philippines. elections are coming up next year. on friday, quite a lot of things happened with the president rodrigo duterte coming with the message that he will retire from politics and he will not be seeking the vice presidency,
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elections next year. the race began on friday. we had a flurry of activity on the weekend to get us up to speed with where we are on this, let us pray in our manila reporter who is with us out of the capital. let us start with that. it's a with question 31 seat to be vice president next year? -- weird question. reporter: as you mentioned earlier, the president announced that he is retiring from politics. first of all, this should be taken with a grain of salt because part to the 2016 elections, he already said twice that he is retiring but he ended up running and winning anyway. it indicates that he is no longer running for vice president opening the door for his daughter to run for president. sarah has already filed for reelection as mayor but has also
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said in the past is open to a presidential run. the only thing stopping her is the supposedly agreement between her and her father that only one of them can get a national post. with that out of the way, we will see if she will run to succeed her father. yvonne: we have heard names like many packout -- manny pacquiao. for the other contenders we should look out for? reporter: as you mentioned, he has formalized his bid for the presidency. there is also the actor now manila marriott -- mayor. he will formalize his intention today. what we are watching now is the decision of politicians who have been openly declared to run for president. one of these is a vice president, the opposition who has been pushing the critical's -- candidates critical of the administration.
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another politician who is -- we are keeping out for is bongbong marcos. they have until friday to formalize their intention but substitution is allowed until mid-november. he will not have a finalist until then. rishaad: they will be joining us in a short while. we are talking about a whole gamut of things. looking at the big of impacts in china, september payrolls, foreign-exchange and bonds. certainly, he is worth sitting on bloomberg to watch. ♪
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rishaad: a big day for oil. we got opec plus ministers meeting later reviewing their output policy. this is coming out as we have this global energy crisis on top of falling in -- inventories, we try to push prices up and have done so quite markedly in recent weeks.
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the question for the cartel or cartel watchers is whether they will maintain the target of 400,000 extra barrels a day or pickup production to meet growing demand. all of this in the absence of uranian oil. to -- we will discuss this with gas production ceo. this is what we have been hearing from officials and analysts. >> the recovery will continue. it will be slow. it may be bumpy. we are on the path of this positive trajectory. >> it will pick up. we will go into winter and not have enough gas to keep the world warm. that will lead to a surge in demand so it could potentially happen sooner. >> next year will probably be a lot stronger for travel and a
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lot stronger for oil booming. >> the risk has shifted to the upside so we go to our target. >> when prices are so high, people will invest more and create a new cycle. david: some parts of this equity market have come alive and we are coming off some of the lows of the day with australia for example and we aooking at evergreen services. will do that later. let us have a look at this first. we have singapore 1.5%. australia below 1% gains and we are back up above that. we are seeing yields pick up again with the 30 year up and we were flat earlier. we are coming off the lowest in terms of this but still quite statistically substantial at a fifth of 1% on that. it said it's a big day for oil
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and that is the only sector big across asia. energy is up. hong kong is a health care story. we are down 5% on that group of stocks takes us into where you are now on the hsi index. we hit a new low for the year. we are at 24,000 just zooming in on where we are with these bottoms the last couple weeks or so. the evergreen story, despite a big one of the market enclosed and some stocks halted, it is still giving. yvonne: bristle off -- we are still off the lows that is trading right now. there was this news in thailand talking about how the real estate developer there to buy 51% stake for 40 billion come come dollars. that could be white we are seeing those suspensions right now? -- could be why. rishaad: we did have the parent
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company, $30 billion in evaluation being evaluated at 50 billion. they are paying for huge premium isn't it? currently, the market value is 55 billion david: -- billion. rishaad: would you call that a fire sale? yvonne: that would have big knock on effects for the rest of the partners out there. how positive is this news is something that the market has to contend with right now. whether they are alleviating some of these liquidity concerns right now but yes, we have that dollar bond when it comes to jumbo fortune. no word yet on that one. rishaad: no news on whether coupons have been paid so there we go. david: they are last in the bottom of the priority. you will prioritize people who
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want homes first and pay the supplier and the you get to the balance sheet. rishaad: is inverted from what you get normally. they want to get first compensated but this is about stakeholders and not bondholders i suppose. yvonne: plenty more to come. this is bloomberg. ♪ i want to stay deal sleep reached levels cooperation the problem persists that there still outnumbered idea realizing
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anchor: it is almost 11 a.m.. rishaad: beijing steps up efforts to re-incense the embattled property developer. haslinda: japan's next prime minister takes off shortly.
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he plans a general election on october 31st. rishaad: opec plus meeting who is chair of oil and gas. haslinda: asia in losses, reversing earlier gains. we have the humphrey index among the biggest letdown spirit evergrande front and center. the payment due today and we heard about how china is trying to re-incense the fallout from them. losses for the taiwan stock exchange. new yorker down 3/10 of 1%. this ahead of the opec-plus meeting. expectations as they may boost their output on 400 thousand barrels a day. rishaad: just getting news of new zealand in auckland.
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they are having its lockdown extended. the prime minister has been outlining stages for easing the lockdown but this comes after it failed to halt the spread of the coronavirus. we are outlining these lands and they have extended the lockdown. let us get into the bank offers. thailand is just opening there. just think some moves for the baht. inflows have been returning to its stock and bond markets. nifty indicating that we are looking at a move to the upside and it will be up against the dollar. all about evergrande again. he'll get key assets after
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trading shares was suspended. let's bring in our chief north asia correspondent. where do we start here? we got these reports of this company coming in ready to buy 51% stake of evergrande towards a -- playing way over it -- paying way over it? reporter: one the trading halt came down, they said ok, they will make a statement and clarify that the missed coupon payments or the principle that is owed on jumbo fortune which is guaranteed. it looks like none of that is necessary. we still know the reason for officially, the reason for the halt except for this report from mainland news services reporting that the hong kong based developer plans to buy a 50
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person -- 51% stake in evergrande. 6666 is the stock code. for sixes, not three. more than 40 billion hong kong dollars. that is 5.1 billion u.s. dollars. that is a market cap value of 50 billion hong kong. they are paying 40 plus billion hong kong for a 51% stake. it is the most valuable -- highest valued unit of evergrande but of highly depressed prices, obviously, given the problems. we don't have any details on the missed and support payment on that bond from jumbo fortune enterprise, an affiliate which is the mainland arm of evergrande which is -- that dollar bond matured yesterday
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and essentially today because sunday is a holiday. no word on that payment. haslinda: you gotta wonder on these investor concerns. we're hearing the right sounds from china, right? heard over the weekend that is encouraging developers and homebuyers as well. reporter: authorities want healthy property developers. not these heavily indebted developers like china, evergrande with $300 billion in liabilities. you can see the potential contagion that is happening as the chinese as well. they are really hurting liquidity and developers and constraining sales. we are seeing that the government is making sure that whatever asset sales happen, payoff immediately and begin
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construction again. payoff your suppliers and contractors. get those properties delivered to those who feel tilted right now because they paid their down payment and have not gotten there products. the lot is due on those and they have not paid them back. the government wants to re-incense that and make sure that those immediate liabilities are paid and that the dollar bondholders are probably taking a backseat right now. they are going to take a haircut as well. they are taking the backseat right now. they have sold a stake in a lender but those proceeds as they process this transaction will not inform creditors. it will pay back liabilities out that lender as the shenyang government has come in. they are coming in and buying this 51% stake in services. another key asset sale which would help contain that
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developers problems if they get the catch in the door. it is still not been sold and the property has not been sold at headquarters. haslinda: as we said, thank you so much for that. let us get the first word news in new york. vonnie: they're looking for ways to rescue the stalled domestic agenda and open the door to scaling back some social spending. democrats are looking for ways out of their deadlock after nancy pelosi scuttled last week's plans vote -- plans vote on the infrastructure package made they want an agreement on paper one 5 trillion dollars in social spending and tax increases. >> one of the ideas out there is should be fund what we can fully fund but maybe instead of doing it for 10 years, we fully funded for five years? vonnie: the german company that developed the first covid
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vaccine says a new formula will probably be needed by mid 2022 to protect against future mutations of the virus. biontech founder and ceo told the financial times that current variants such as delta will not -- were not dealt -- or not different enough to undermine current vaccinations new strains will emerge to avoid mr. schatz. -- booster shots. they will declare on monday that china is not in compliance with the phase one trade deal. she is going to outline the bilateral elation ship at an event hosted by u.s. think tank. cnbc cites a source that says she will say they are not in compliance and that washington is now evaluating further actions. the u.s. has called on china to stop provocative pressure on taiwan after a record number of daily incursions by airplanes.
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chinese aircrafts have conducted 16 flights on sunday after 39 on saturday and 38 on friday. u.s. state department says the actions are destabilizing and risk leading to miscalculation "bloomberg markets asia." -- 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 am vonnie quinn. this is bloomberg. haslinda: thank you so much but all eyes on up. that ministers meet to review the output policy. as the global energy crisis, falling inventories and recovering demand has pushed prices up in recent weeks. rishaad: let us get more with our energy reporter. give us a sense of what the thinking is? around $80 a barrel right now? reporter: we are going into this meeting with a much more bullish mark then what we were a few
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months ago when they decided on the 400 -- funded thousand barrel increase from -- 400,000 barrel increase from november. we are seeing a huge impact on natural gas and coal demand. natural gas prices are at a record high. china is buying up a lot. yep has below normal inventories and coal prices are at a record high. power plants are potentially using oil in instead of the coal and natural gas. we are seeing this larger demand and because of that, there will be a deficit of 900,000 barrels a day for november. whether opec plus decides to fill that gap from their 400,000 will be on the minds of everybody on trading desks for the next 48 hours. haslinda: the thing is in terms of stop files, it is falling for opec that is the question of the day. will opec-plus and this next? reporter: one you look at the
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decision, the analysts we spoke to say that most likely, opec will be increasing the amount of whether -- rent they -- crude they put into the market in november. they will boost output that will be bearish for the market. that will cut prices a bit that it depends on how much. can they feel that hundred thousand barrel a day deficit? and how will the market digest that? we also have to look at the other fuels. everything rowling so there is enough on effect on oil. it might not be opec-plus that since crude to other levels. it could be natural gas or russian gas line pipelines to europe. there are a lot of factors going into the winter. rishaad: perhaps some of the witnesses in china are in infrastructure as well?
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i am talking generally about energy here. what does one even clean from that? the world's biggest oil trader sitting it is all done to opec must ultimately what happens with oil? reporter: opec-plus is a main factor but as he said, china is also the world's guest consumer of many fuels. pending on what they do, we had a story saying that china wants to secure fuel at all costs. it's to make sure their country runs. their facing their own energy and power crisis. because of that, they going to markets and say they will buy all the coal and liquefied naturalas and even potentially oil that is less of a risk. it has a knock on effect because these markets are getting so tight that they are affecting each other. they can all be used as
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substitutes and power generation is a different sort of thing. we're getting to a point where if china moves and they want to move by a lot or if they want to secure something for their country, it could have a large impact on the market. haslinda: security supplies at all costs. thank you. japan's new prime minister just hours away from taking office. we will look at his new cabinet lineup. he seeks to revive support for his party ahead of the election set for this month. rishaad: as the world grapples with an energy crunch, look at those meetings from sr oil and gas. this is bloomberg. ♪
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haslinda: let us get back to markets. our next guest has a moderate call on global equities. good to have you with us. what is moderately optimistic echo a long way to go in terms of the write up and the losses or the selloffs we saw were is a buying opportunity? >> we are all the way with the expected return from here just lower given the strong return. what is interesting is we had a 300 day period where did not have a correction. the longest in 15 years. yes, we would be buyers of that dip. the return to more moderate and
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more positive. since 19: -- 1950, markets averaged off the s&p with a good rate. our expected returns are just lower. haslinda: people saying there is no way that we will see that tension we saw in 2008. now you are not so sure are you? >> we like to say it is a tantrum was taper. we see them move relatively slowly. they moved it up in the last meeting due to november. the payroll is the complete arbiter. the pace is also looking like middle of 2022 is earlier than expected. overall, if you're looking at the level of negative real rates
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after inflation, it is still quite negative. the market can handle it. in previous periods it was not telegraphing the way it was now. rishaad: you're separating the two. normalizing the monetary policy and ending the bond program have been deliberately separated by the federal reserve but a lot of it as you mentioned, inflation will be key. they are not questioning whether this were transitory or temporary is -- is it going to be temporary inflation? how long is transitory ultimately here and at what white does the fed realize they may have got it wrong? >> great question. in the short-term, it will appear a little bit longer. it was used car prices and lumber prices that they started to correct their new things happening on supply chain and other prices going up.
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what we think right now based on what we are seeing is that inflation takes some time early first quarter of next year, middle of 2022. u.s. inflation trends back down to the end of 22. in europe, probably by mid 2022. we are in a different era compared to the previous regime where which inflation will be higher coming out of this recovery. inflation will be higher but we don't think hyperinflation or the case where the fed will be behind the curve but clearly, they have woken up to the risk. they moved up there taper link which. -- language. rishaad: your alluding to demand pull in inflation. they are looking at higher energy prices and the price of moving things around. lilly ca move in real yields as it were anytime soon?
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we haven't seen them match inflation expectations. >> we had a spike in march. we have seen recently a moderate move. they have not moved up as much. we don't -- do you think there is a in increase in real yields next year. what is the economic context? what we think growth will be above trend but lower than this year. given the supply chain balance but more importantly, which inflation and other factors, we should see some increase in real yields because it is just too low. haslinda: how are you trading the energy crunch with something that may last a few years. what is the risk of stagflation? >> what is interesting is this element, what you think about
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sectors that are price takers with higher coal prices and natural gas, and they don't have the pricing power to pass it along, there will be casualties. the sectors that will benefit from this is clearly energy companies, eu energy companies we like and a 50% discount to the market. they have 50% cash flow yields and they do not reflect the current energy price environment either. we are expecting 90 or hundred dollars per barrel. it is possible but not our base case but the current pricing would have it higher than european energy pricing. looking at from a portfolio perspective, of winners and losers as we get some inflation in some sectors and stagflation and others. rishaad: always a pleasure.
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we can talk to him for ages. up next, we got our exclusive interview with the industry trade minister. we will hear about the future of doing is this amid virus curbs and the outlook for reopening. you are with bloomberg. ♪
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haslinda: some good news from singapore. they are in discussions with several countries and regions including europe and the u.s. with vaccinated travel lanes. we spoke exclusively to the industry minister of the covid
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task force. >> we are fully on track to living with covid-19 and we are committed to covert resilience. we can hit the brakes and allows us time to slow down the growth in the number of covid-19 cases and give us more time to allow her health care facilities to be ramped up. all this as we shift towards a new program and this will be our strategy for living with covid-19 over time. haslinda: can we expect the u.s. to be included for this? >> we are in discussions with several countries and regions like countries in europe and the u.s. and how we can take this one step further but it will require both sides to discuss how the arrangement will be and what the process will be like and we will be able to begin
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this with more country. we are in discussions with several countries that include europe and the u.s. as well. haslinda: that is by the end of the year? >> we are hopeful that we will be able to do so by the end of the year or earlier. haslinda: despite an 82% vaccination rate, we have the u.s. cdc deeming singapore as a high-risk vaccination -- high-risk country? what is your take on that? >> we got up work on this travel lane in order for us to ensure people can visit us safely, vaccination is the way to go. we are in discussions with various countries as you mentioned. both europe and the u.s.. rishaad: singapore stock exchange seeing its index jumping the most since july. trouble rose have been relaxed. we are tracking the reopening
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the city state and across asia. tell us about it? sophie: the most active economy to reopen by the first and second quarter by next year. hawkish risk to central-bank policy in the region given upside pressure. turning to be here now, we do have the kiwi dollar under pressure as new zealand extends its lockdown for auckland we are seeing moves lower for the kiwi dollar. flipping the board, westpac is saying a prediction of a rate hike this week. expect a rapid recover late went they look it up. haslinda: thank you so much for that. before we got to break, let us see where markets are right now.
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asia under pressure despite strong gains for the u.s. on a friday. investors mulling over that opec-plus meeting. also concerns over inflation. there you have it. a mixed picture there. it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.
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haslinda: live picture of tokyo. planning to hold a general election on october the first -- on -- after being voted in as leader of the ruling ldp last week. rishaad: let's get the latest from our politics reporter. what do we know about his agenda? >> looking ahead, we have seen these reports, which is something of a surprise that the
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election is going to come at the end of this month rather than next month. that is not would had been reported by domestic media earlier. it does make perfect sense. the earlier the better. japanese leaders always get a boost in the polls simply for being new. the new guy comes in and always gets a rise in the polls. the virus situation in japan is favorable. we have seen national cases fall to a thousand yesterday which is a tiny fraction of the more than 25,000 we were seeing approximately six weeks ago. the mood in japan has turned positive. those things could help him in an early election. haslinda: what are we hearing about his cabinet appointments in domestic media? what are the chances of those choices boosting his public approval further? >> we are not seeing very big
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chances of that happening. we have looked at each of the appointments that had been reported in the media. they are going to be made official within the next couple of hours. there are no high profile. there are no surprising appointments. those are the kind you often see it taken up on tv chat shows and become a big focus of popular opinion. you're not seeing any of those kind of appointments. it is a very broad-based balanced into account all sorts of age groups and all the different groups within the ldp. you can see how much he has listened to people within the party. i don't think that will make a huge impact on the public. the one interesting thing we have heard is that there were reports this morning that he was going to stay away from the environmental climate change talks next month.
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now we are seeing you reports he will attend. that is important to shows his priorities. he has not talked about climate change much during his campaign so that will be an opportunity to show his priorities on climate change going forward. rishaad: looking at that election, we talked about the policies. which ones can help him declare victory and is there a risk the party will not do that well in the election? >> there are risks to him. he obviously has this policy of tens of trillions of yen to help the economy get out of the rut it suffered during the pandemic. there were many businesses in the bars and restaurants and travel industries that suffered a great deal over the last few months. he wants to get those back on track. that will go down well with the public. what we heard over the weekend is we are not going to have full
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details of that package before the election. if he does not have much details to go with, that is going to provide not much of a boost obviously. haslinda: thank you so much for that. speaking of japan, let's do a check on where markets are. back from lunch, reversing earlier gains. down about 1%. the likes of tokyo electron leading a leg up. falling about 9%. earlier, it was lifted by japan airport terminal along with japan airlines. hill taking a look at where the hang seng is, down more than 2%. ever grand remains in focus. checking in on casino stocks. jp morgan saying keep away from macau casinos. saying they are on investable. macau gaming stock on 20% in december. they are under pressure.
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down about half a percent. melt the down by more than 1%. get the first word news with the vonnie quinn. vonnie: china evergrande and its property unit have suspended trading in hong kong. the new energy vehicle unit has not in resend it. evergrande maybe phasing its next big debt test as the dollar note comes due that some bondholders say is guaranteed by the developer. it was issued at an amount of $260 million by an entity called jumbo fortune enterprises. the largest independent oil producers as opec-plus will be the main factor influencing prices. the cartel is due to meet later monday as it eases cuts that began last year when the pandemic ravaged energy markets. the asia head says there is little chance of oil returning.
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u.k. prime minister boris johnson says he will not fall back on immigration to solve the u.k. truck driver shortage. calling supply chain troubles a period of adjustment. it is left supermarket shelves bayer and gas stations dry. >> the way forward for our country is not to pulled the big lever, not uncontrolled immigration. vonnie: the philippines president says he is retiring from politics and will not be speaking -- not be seeking the vice presidency in 2022. he says he was acting out of obedience to the will of the people who placed him in the presidency. he also said he was retiring from politics before running for president and winning. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. some vonnie quinn. this is bloomberg.
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rishaad: let's have a look at what is happening with the global economy as we enter the final quarter of 2021 with the strengthening headwinds threatening to slow the recovery from the pandemic. our chief asia economics correspondent is with us now. the storm clouds are gathering. using weather metaphors. what are they and how badly do they had us? >> the expectation has been the world would finish out the year on a strong note. the recovery we have in the u.s., the fractured debate over president biden's $4 trillion agenda. though energy costs shoring. you have the ongoing global supply and issues. in china, you have the latest complication being the energy crunch happening there. when you take it altogether, the expectation the world economy
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would have been cured by the pandemic is not the case. haslinda: how will that impact asia? china makes a big part of trade in this part of the world. >> i think everyone is watching to see how china's economy goes from here. some slowdown is expected. the energy crunch is a complication when you consider what is going on with the broader regulatory agenda in china, which is overshadowing everything. there is a damp cloud over the real estate sector given what is happening with evergrande. there is a feeling policymakers will have to do more and they will have to be more support from the government and central bank. if china can finish out the year on a better note, that will give a lift to the rest of the region. there is no doubt the china growth story is the most important one for everyone. by extension as well, the
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inflation story in asia is key. that will determine were central banks go from here. rishaad: china represents 18% of the global world economy. a slowdown is bound to hurt others as we go into -- depending on how deep it is. where does that leave central bankers? they don't have any bullets left in their chamber. >> they are in a calm look at its base because on the one hand with this inflation story, there are several types of banks talking about how to raise rates. we might see it in new zealand and asia make the move. on the others, you have this view of growth stories slowing down. how can it be raising re-interest rates at a time when the growth is slowing. a time when parts of the economy have not recovered to where they were. the policy story is going to get a lot more complicated as we go forward. in terms of the next turn, they are certainly very low on ammo
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at the moment. haslinda: as always, thank you. still to come, the price of power. we discuss the impact of the energy crunch in india's -- and india's rising national gas prices. this is bloomberg. ♪
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haslinda: india has increased the price of natural gas produced due to skyrocketing prices overseas. it is the first price hike in over two years and puts more pressure on industries in the wake of the covid-19 pandemic. rishaad: next guest runs one of the largest production companies in india. thank you for joining us. give us a sense of how yo u're navigating this energy crisis. >> for my business perspective, it is good we are able to
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realize higher prices. there is a bigger issue. prices we are seeing in the country. we have other divisions dealing with marketing and all that . rishaad: the thing is, you are somewhat regulated here. some of that is limited. is it enough for your investment? can you up your investment as you see more income coming through? >> i must clarify earlier.
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one of them is regulated. the other one is market prices. the gas we produce -- haslinda: investors tracking the opec plus meeting on monday. what are you expecting opec to do? will it boost output beyond 400,000 as planned. -- as planned? >> i would think so. there has been a shortage. as we know, it is to do with the shortfall in high inflation. what is happening is switching on some other form of energy.
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i guess opec will take some calls because there has to be a nice balance otherwise there will be demand obstruction. i am hoping they would keep a nice balance. even opec stated policy is to maintain a nice balance. that is sustainable. haslinda: you talked about how you have talked about higher price -- talked about how you benefited from higher prices. what about other industries? could they revert back to dirtier oil? >> that is always a concern. let me tell you one thing. the oil and gas -- there is a lot of push happening on renewal. there will be these spikes but we cannot -- they are not
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sustainable in that sense. there will be short-term lists were people will switch. that will be short-term. europe has come back to some coal. given china is doing that. a direction is clear. -- the direction is clear. in india, some consumers are flexible when it comes to that. industries do get impacted. i think this is short-term and will stabilize in some way. haslinda: you talked about how there will be greater reliance on gas. we have a report by opec suggesting india will get to only 10%. what do you make of that?
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>> very committed to some aspects of it. 15 is the target but the country is known to keep them. india will move into that area. there is a lot of activity happening. almost 35 -- i think there are various assessments. there is a lot of effort going on for policy changes. i think we will be there close. rishaad: as an expiration -- an exploration company, you talk
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about being able to invest more now. do you have a field in view at the moment? is there anything you have found of late that can help your bottom line under the -- in the soil? >> you are trying to ask me the linkages with the price? rishaad: i want to know whether you have discovered anything really. >> ok. the block that we are operating in eastern india -- we have about -- what we have to do is make more
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investment. by having different energy prices, we are able to -- rishaad: thank you so much for joining us. just getting this news coming through from the inquirer. the manila mayor has filed for his candidacy for president. just coming through from the inquirer. have a look at the indian open now. we have a slight lift up. 6/10 of 1%. looking at the nifty banking index. doing better than the overall market. that is currently the position that is there for the centex and energy stocks as we have been talking about leading the charge to the upside. haslinda: up next, we hear from
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the heir of one of thailand's oldest industrial conglomerates. keep it here with us. this is bloomberg. ♪
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rishaad: shares of a flagship company surged after a tycoon doubled down on his clean energy gold. ages wealthiest person. with $9.62 billion according to the billionaires index. haslinda: an 80% stake in wind power developer in poland. the oldest industrial conglomerate operates in southeast asia. caroline is the fourth generation heir. she spoke about her vision for the future. >> we are strategic as well as opportunistic.
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we like to have a practical approach to we started out -- practical approach. we started out as a pharmaceutical business. for the last 30 years, our energy business has been the strongest. we have always been an infrastructural project or a business whether it was health care and then going into transportation, telecommunication, big projects. and no energy being our biggest business. industry is also an important part where there is equipment or services and the health care equipment is still there. it is really kind of a balanced system that is important to us. >> you have several projects underway in development around southeast asia particularly in vietnam. where are you looking? >> we already had a power plant and distributional system in vietnam. we had experience in that country which was helpful. we found partners that could
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help us introduce. for us, it is always very important to have the right partners. there was an opportunity to get licenses for large solar parks and he managed to get those so that made the expansion possible. now we are looking at the possibility of further expansion in the gas fired power plant. we are looking to expand much further in malaysia. we have a partner there that we are looking to do some interesting projects with. korea also very interesting. in all countries, we are looking at solar and wind. in laos, we only have water, so hydro. thailand is still expanding. we are currently looking at very interesting projects in eastern europe. >> with the target of being carbon neutral by 2050, does that mean you're looking at more renewable projects or
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traditional power sources? >> we keep on looking at gas. we look very strongly at renewable because it is not only the trend but also the future and the technology is becoming cheaper. we also see that there is a big place still for hybrid power plants. the combination for different reasons. i think there renewable power plan is still very influenced by environmental factors. until we find the right balance, we will keep expanding in all directions. >> under your father's leadership, it became one of the largest private power producers in thailand. you have spoken about being a guardian for the next generation. what sort of footprint would you like to leave on the business? >> an important part of our success is the culture, the values. i would like to be a part of keeping that strong, making sure we bring that forward and being
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able to develop and evolve that. another part is that obviously making it for the next generation is something that they can understand or possibly be able to manage. we have grown a lot. we keep diversifying. keep adding new businesses. it makes it more and more complex. i would hope i can pass it on in a way that makes it ok and easy for a new generation to do. rishaad: -- haslinda: you can watch more interviews and a new season of generation next airing mondays on daybreak: asia at 7:40 if you are in hong kong. let's do a quick check of the latest business flash headlines. a facebook whistleblower has accused facebook of putting profits ahead of the well-being
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of users. she gave her first comments to 60 minutes. she says she passed thousands of internal documents to u.s. lawmakers and the wall street journal because of the harm facebook poses. the company had warned about the upcoming interview. >> somebody else might have quit and moved on. i wonder why you take the stand. >> imagine you know what is going on inside facebook and no one else on the outside nose. i knew what my future would look like if i continue to stay inside facebook. person after person after person has tackled this and ground themselves to the ground. rishaad: checking on markets. asian equity started on the upside. being dragged down. we do have health care stocks among those responsible to the -- responsible for the move to the downside. just about to enter their lunch break.
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2% plus the declines in this morning session. the health care companies dragging the market down. down 7.5% and 6%. other markets are up. japan is lower. this is bloomberg. ♪
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