tv Bloomberg Markets Asia Bloomberg November 16, 2021 9:00pm-11:00pm EST
we see treasury yields and the dollar also up. and inflation still looming large the st. louis fed president jim bullard calling for more hawkish central bank policy to ease price pressures. haslinda: and all those themes, yvonne, being discussed here at the new economy forum. and we kicked off possibly, you know, an in-person conference for a lot of people for the first time in about two years. of course, discussions along the lines of finance, trade, health, and of course we have climate as well on the back of that cop 26 meeting which they had back in glasgow. just in a moment we will be speaking to the australian minister for tried, tournament and investment dan tehan, accor chairman sebastien bazin, trip.com group c.e.o. jane sun and nyse president stacy cunningham. yvonne, it's going to be a jam packed show. for now, chinese vice premier
wing qishan opened up the forum saying the cent will continue to open its markets to foreign investors. >> china cannot develop in isolation of the world. and nor can the world develop without china. china will not waver in its resolve to deepen reform and it's been opening up. haslinda: and i think that was the theme of the vice president's speech to kick off the new forum was opening up at a time when nations are kind of raising barriers in light of that security. you have covid zero strategies in china right now. and a lot of people are questioning if china is ok with isolating itself from the rest of the world, and i think for him a reassuring to hear that. especially on the back of this xi-biden summit. what we're looking at in terms of the panel and what's -- we are still talking about at that new pare dime for global business, stacey king ham, the new york stock exchange group and president and you have axle
waver from the u.b.s. chairman and from d.b.s. group all talking about the paradigm shift for global business. i thought it was pretty interesting that talking about -- not really about global business. it's a new pare dime for the world. let's listen in. >> if you actually read that article carefully, the purpose of the corporation is to maximize profit, all things considered. which gets into this logic that axle is referring to in terms of what he call stack holder capitalism which means the broader purview. and i think we're now living in an environment where people are -- and you see this now with the recent chinese plan and the big american corporations. they're more focused not on maximizing profit but what i call stable growth. and stable growth doesn't imply volatility and growth. it implies managed growth over a period of time because they're looking at more long-term r&d
and they've got a number of objectives. so i think you're seeing a shift from more volatile growth to more projected stable growth in the developed world but also -- and that's one of the things the chinese are equally focused on. >> there's a relevant question from the audience here. given that the -- given the impressive job done by the private sector, you mentioned this, stacy, to develop vaccines in record time, given that it required public investment and facilitation, do we also need an operation warp speed to rapidly develop new technologies to address the climate crisis? >> it didn't all require a public investment. i mean, fiers -- >> made that decision on themselves. so i think that there is that opportunity. i do believe that there is a place for the government to work together with the private sector in a constructive way less adversarial so that we can advance those initiatives. and i think it's -- i think it's really important and when we think about -- just lost my
train of thought. i'll let you go. >> let me pick up on that. i think r&d is important. and oftentimes the farm industry, the private sector, you take the internet. the last part of that was driven by darpa. and the defense administration and then -- so r&d is an example, and the public sector or in singapore we have an agency called h-star and an r&d budget of $22 billion for every five-year period and we with the private sector figure out a way to put those dollars to work. and a substantial amount of it is now going in things about hod the economy and creating institutes of learning and driving the education agenda around some of these subjects. so the public sector can play a role. >> and they're not in conflict. it can be a commercial opportunity and to be focused on profit and to be focused on long-term growth. and stable growth. and that's the environment i believe we should be fofltering. when i think about some of the decisions we've made in our own business just looking back through time, in 2003 we are
investing in environmental markets with the climate exchange that we acquired in 2010. because we thought the importance of that work, and also the commercial opportunities that we predicted we were going to see from that. same logic when we announced our launch of natural asset companies which provides an opportunity for investors to invest in the natural resources that we want to see become nature positive. so that we can have a positive influence. that's a commercial opportunity. it's also a successful endeavor for all of us. and mankind and i believe strongly we should be fostering those projects. >> one of the things eric i think we've got to be -- following object what -- on what stacy has said is the whole e.s.g. area has been managed with the p.r. point of view as being very negative. it's everything is what i call negative e.s.g. negative climate. everything is you can't obviously -- you got to constrain coal. you got to constrain carbon. you got to constrain methane. but let be -- let's be on the offensive side. there's an extraordinary number
of industries, the green industries, which are not given enough attention, they're not given enough profile. many of them are not in america which is probably why they're not given enough profile. many of them are in europe or in asia, and particularly in china where there's a big growing business. so i think we need to figure out broader policies to make sure that these companies are given stacy more profile, more capital, more opportunities to expand, and really set aside given incentives, tax incentives or other incentives, more than what we have now in order to grow. because this is -- this is going to take the industrial revolution took a long time. this is going to take a long time. and we've got to transition this. this isn't about turning off hydro carbons and turning this on. because this is still very nascent. we need to sort of -- but we need to focus on the positive side of where the investment is, needs to be. >> part of the investment act
based on what you said it is a transition. we've got to get industries to move from light brown to light brown to light green to green. and a billion dollar opportunity, absolutely. >> you started your comments in this conversation talking about how we run the world. and the need for activist governments. the rise of crypto embodies a mistrust of institutions, especially monetary institutions, and governments and it embodies the collective desire for decentralization of financial power. how in the context of this conversation do you think about decentralization and tools like crypto currency? >> that's the challenge i alluded to. so maybe not in -- if you talk to any young kid today, you talk to the technocrats and you talk to the evangelists they will tell you that -- sovereign,
eight billion people, each of us can be sovereign and we have our own identity that's tokennized by data is my own and my interactions are my own and i will deal in smart contracts and have my own currency. so the big risk was the debate between the kingdom of facebook and the kingdom of sweden. in web 3.0 it's not even that. and self-sovereign entity and work with that. and believe me, there's hundreds of millions of people who think that's the future. and a massive paradigm shift. and i don't believe that will happen. i think there is a lot invested in cultural identity, nation states, and the best democracy and it will require us to think very hard on how do we construct a system where a large number of people think i don't need a government and i don't need a currency and i don't need a fiat currency or a bank or a central bank and don't need a stock exchange? so how do you pal these two and create the artifacts you that need to run the world in the future? >> axle, jump in here.
you've run institutions on the public and private side. what do you think? >> well, look, you asked about crypto. it's a hybrid. and people usually talk about the hybrid instead of the details. we really like the technology behind blockchain technology distributed. and we do a lot of that great finance as banks with that. the crepto part is where i'm skeptical because the whole idea is let's sort of move payments from banks and cash to something that is an anonymous vehicle where both sides of the transaction are not known. that will not survive. the only part where you had that in the old paradigm was bank notes. governments have phased out large denomination bank notes because they didn't want large transactions with no fingerprint and no i.d. on it. and crypto trying to do that in digital is going to be jumped upon by government as much in the traditional world was as it will be in the sort of digital world. so i love the technology and
think the idea of having instantaneous transaction between a large number of people, fantastic. but i think it needs to have a k.y.c., know your client and a.m.l. procedure around it. otherwise, it will not survive. governments are working hard to avoid illegal activities that could be done through transaction in the financial sphere and governments will not tolerate this to become really big. >> regulation will definitely follow and governments are going to get involved. but the revolution that drove crypto i think gets to john's point about the individual. yvonne: the talon -- panel talking about crypto and where opportunities lies and on inflation a pretty heated one the group has. haslinda: digital identity if you don't have a digital identity in the future you won't exist. that is a big discussion here at the forum now with the pandemic resulted in an unprecedented disruption to world trade. disruption that continues now
with clogged ports and wide shortages and supply chains come under a lot of pressure and geo political tensions only adding to the challenges. let's discuss all of this with australia's minister for trade, tourism and investment dan tehan joins me. here -- minister, we talked about politics and joe biden and xi jinping trying to dial down tensions and australia has been caught in the crosshairs. how do you see the bilateral relations at this point in time? dan: can i just say how wonderful it is to be here in person with you. and i flew commercially from australia last night and fly back commercially this evening. he won't have to do two stage quarantine and see people in person. it's just wonderful to be here. so can i just say how much i'm enjoying this chat already and being able to do it. geo political tensions are there. but i must say it was very good to see the two presidents to be able to have a dialogue over the last 24 hours. and a very meaningful and
significant dialogue. and that's what australia wants to be able to do with china itself. we are looking for constructive engagement. we want to be able to work through our differences and our issues because we understand how important especially our economic relationship is. it's helped with millions out of poverty in china and helped us maintain our standard of living. so we're very much looking forward for that constructive engagement. and we hope that that will come over time. because we've seen what dialogue can lead to in the last 24 hours. yvonne: and you joining me here at the new york economy forum just days after your prime minister was under heavy correctly for the lack of commitment -- heavy criticism for the lack of commitment when it comes to fighting climate in glasgow your thought to that. what do you make of all things about the inaction of australia? dan: well, i mean, australia is playing its role and playing its part. we've committed to netzero by 2050. if you look at what we've actually done, we've made our kyoto commitment and our paris
commitments and we'll meet and beat our paris commitment. if you look at our mission's redcation -- reduction, we have reduced our emissions at a greater level than new zealand, the u.s. and other major economies. so we are very much playing our part. not only that, a $20 billion investment over the next decade to working partnership with countries in particular in the region toryfy missions with a real focus -- toryfy missions with a real focus on technology. and play a role in reducing emissions but doing so in a way where all countries will benefit. haslinda: how is that a plan? by your own calculations and modeling you will be emitting 250 million tons of co2 by 2050. that's a huge amount. for a country especially that's -- that's been settled with natural disasters. dan: so netzero emissions by 2050, that is our commitment. and when australia makes a commitment like that, it will meet it.
we are one of the few countries that made commitments when it came to kyoto and met those commitments. we're one of the few countries who's made commitments when it comes to paris. and we've met those commitments and we will beat them. and we're investing significantly in making sure that we will get to netzero by 2050 and i'm incredibly confident that we will be able to get there because when australia makes a commitment, it honors and not only will we make that commitment but we've made a commitment to work with all other countries to help them be able to achieve it through technology, partnerships. i met with the singapore trade minister earlier today where we've got our green economy agreement which we're negotiating at the moment. and that's to help australia and singapore meet that commitment to netzero by 2050. and that agreement will become i think a world leading agreement for the indo-pacific and my hope is other countries will join us because we've got to have a path and a plan to get -- haslinda: what it take for australia to get to netzero
bringing that timetable forward from 2050? dan: when you look at our paris commitments we committed to a 26% to 28% reduction on our 2010 emissions. we're already on target to meet and beat that. and probably hit at least 35%. so we are already being ambitious this trying to get ahead of the game when it comes to emissions reduction. but importantly, we understand as all other countries do, you have to take your industries and your economy with you. the easiest thing to do would just be to turn off the switch. and you'll get no emissions. but you would ultimately have no economy left. the key to this is to take your economy with you. we understand that we have to do that. we understand that all other countries in the world have to do it. and that's why our technology approach will lead we think to getting to netzero by 2050 and enable other economies to do the same. haslinda: let's talk trade. china has said it wants to be a member of the grouping and some
may say it's especially the u.s.a. saying china shouldn't be part of it. what are your own thought? because this could be among the discussions that you have with u.s. commerce secretary gino raimondo later today. dan: incredibly important regional trade agreement, the gold standards. i think it's the best trade agreement in the world. so we've made it very clear that any country that wants to accede would have to meet those gold standard rules. the u.k. is the first country going through an accession process at the moment and that will set the guard rails for other economies to follow. but most importantly, for us, is as we're showing with the u.k., you have to be able to sit down and work through especially your market access issues, when it comes to goods. so we would need some sort of ministerial dialogue to be able to work through that market accession. obviously economic coercion,
trade disputes and those types of things would all have to be dealt with and we would have to work through those. but also there would have to be that firm commitment to those gold standard rules. so we're going through the process at the moment with the united kingdom and that very much will set the guard rails as to where we go with future accessionings. haslinda: taiwan wants to be part of ctppp and what are the risks that taiwan's membership has, would be stopped by china? dan: well, every economy that seeks to join cptpp and all countries have to agree on what those guard rails are and what will be required. so we'll continue to work through that with the membershi- haslinda: have you had conversations with taiwan on its potential membership in cptpp? >> i haven't had discussions since they formally decided that they want to join cptpp, like
any accession the seam rules will apply to whatever economy, whatever country wants to join cptpp and that's a process that we'll follow with all the other members. haslinda: you are in negotiations with a free trade agreement with india. what's the latest? >> well, i spoke with my counterpart, minister goyal, the day before yesterday. we had very good discussions so wool have an exchange of offers next week. so that will be a significant future step. we've agreed to a path for when our negotiators will sit down and start talking to -- my hope is we'll have our first round of negotiations beginning early next year. and we'll have a preliminary discussion in the next couple of weeks. so we're making progress. obviously these negotiations are tough. they always are. but we are really working toward a commitment to have meaningful progress made before the end of the year and a substantive agreement concluded by the end
of next year. haslinda: minister, one final question before we -- before we let you go the world has been settled by the congestions at the ports and bottlenecks, is there a sense when you think supply chain disruptions will end? dan: when it comes to global shipping it could take some time to play out. it could be another 12 to 18 months. i think it's something that all economies will need to deal with over time. we need to see more investing into global shipping. see more investment in our ports both the land side of ports and the seaside of ports to make sure that we can deal with some of that congestion. so this will be one of the issues i'll be discussing with the u.s. commerce secretary today. because it's impacting on all countries and especially in the indo-pacific and we were talking earlier about inflation pressures. well, it's one of the things which could add to inflation pressures. so i think all of us need to put our heads together and work out
what we can do to address these current condition issues and it's probably going to be at its key more investment. haslinda: minister, thank you very much for your time today. glad to have you in my city. dan: a pleasure. haslinda: australian minister for trade, investment and trade dan tehan. yvonne: we were talking about all when it comes to supply chains, inflation, the new economy form that's -- forum organized by bloomberg media glue, a division of bloomberg l.p. the parent company of bloomberg news. a quick check of markets. pressure when it comes to risk assets on the back of that dollar strength. we've continued to see that bloomberg dollar index prettied -- veapted -- elevated so stocks, commodities and bonds are all falling with the exception of australia. after that wage day we got in line with expectations and nowhere near the 3% when it comes to wage growth that would have warranted maybe these rate hikes and pricing the markets right now. the kospi is leading things lower by about .8%. you're still seeing quite a strong renminbi nearing
three-year highs and the yen on the back of this yield pickup seeing the weakest in four years. so that's something that we're contending here today. that dollar strength in focus. and inflation as well given what we heard from that panel, pimco saying inflation will be high for some time. axel waver saying uncomfortably high rates of inflation for the next one to three years. we got plenty more ahead. this is bloomberg. ♪ ♪
haslinda: well, so much buzz here, yvonne. let's bring in our next guest, sebastien bazin c.e.o. of europe's largest talia accor. the company runs 5,000 hotels in more than 100 countries from economy brands such as ibes to high end ones like fairmont and ruffles. good to have you with us and good to see you in person. sebastien: not one of my hotels and nothing i can do about it. next year. [laughter] haslinda: it is tough times. we talked about how perhaps some countries are opening up. others are still closing. the likes of australia, austria even and china is now going into lockdown mode as well. and how do you do business? what's the outlook for hotels? sebastien: well, it's -- you copy with -- you crop with it. you adapt with it. and a lot of humility because things you don't control and know you don't control them. but by the same token i was in new york four days ago and 10 days ago in riyadh business is back.
much stronger than expected. people are eager to travel. leer you are market has never been so flam -- leisure market has never been so flamboyant. dove had a is on fire -- doha is on fire. sebastien: my american peers, marriott, hilton, the big guys, telling me they look for total recovery, second quarter, 2022. i'm afraid since i'm so much geographically diversed, and should be six to nine months later to them. so hopefully by spring of 2023, or early 2023, but it's faster than expected myself. and i know australia -- austria they have some cases over it about but a -- i'm a true optimist and got to be a leader and coming to singapore it feels good. and i know thailand, reopening at the end of november. so don't bet against hospitality. because we're going to be back stronger and the leisure market will be very interesting to cope with. haslinda: can you run your
hotels without issues? we're already hearing there's a labor shortage. sebastien: there is of the that's probably the biggest question mark is demand is going to be there. for sure it will be. but i need human capital to service it. and human capital is going to be the biggest ingredient to make customers happy. because they're going to be looking for fulfillment and experience and personalization. so i need -- we are losing in france alone 30% of my offices are vacant which is bad. and it's a bit our fault. we've been blind and forcing people to make too many sacrifices on working hours and weekends. they appreciated their weekends with their families and now they know the price of sacrifices the last is a 15 months so we have to adapt and offer them better mobility. and maybe greater pay, greater training. and probably greater also recognition. so it's going to be a mix of many things and not going to be me alone. that solution has to come from the hotel industry at large. we have to battle together. and it's less sure in emerging
countries and singapore is not an emerging country but when i go to south america, to africa, people are eager to work. so we hire every year 50,000 or 60,000 new people and i can tell in you many countries we have ne no difficulty finding them and difficulties where countries had subdisand they have money aside and they have a choice. so it's very -- a wake-up call and a true wake-up call. haslinda: when we spoke to you in july of 2019 talked about how tensions within the u.s. ask chiba -- ask china were hurting your business. has that changed? >> it looks to be better the last 48 hours. but it's -- we need the chinese to travel again. they have been in 2019 the largest everything market. 140 million chinese. they are critical, in vietnam, critical in australia. so i need them back. and there's nothing i can do about it, no. but we've been -- we've been
learning quite a bit about the domestic population. and i can tell you in australia for that matter in france and many other countries, it's also about -- by the time we wake up to the fact that the largest population is next door, 10 minutes away. and there's so many things we can do for them. and they actually come to our hotels and you can actually go by train, by car three hours away within the same country and enjoy your wonderful travel. so it's forces us to rethink the way we operate and be closer to local community. and i was looking for those days the last five years. and i think we've been al foolish on only -- all foolish only op the guy traveling from another town or country that's not real our -- really our business. our business is everybody. and on food and benn, and -- and beverage, it's working extremely well. but we talked about remote working that's another trend. haslinda: you had a spac in june. and you had an i.p.o. for a spac back in june to create a company
that would buy assets linked to hospitality. sebastien: that's right. haslinda: like food and yet to make any investments. why is that? sebastien: because we have discipline and we have time. it's 24 -- haslinda: discipline because of what? because you're seeing frothy valuations out there that you would rather wait and see? sebastien: no, we've never had so many people knocking on our door trying to joyous in the spac. because any family funded brand whether it is wellness, whether it is food and beverage, those guys have credibility but they don't have scale. and since we are up -- offer 7 -- open 750 new restaurants every day, we can -- for any great brand. so wove an ample choice which ie which is thank god i can actually pick. but i just want to make sure the right horse and again it's going to be a long journey. and accor has to be instrumental. but this is not the core activity. the core is the hotel business and the spac is on the side.
for dedicated investor base. haslinda: look into the crystal ball before we let you go. 2022 what will that bring and how optimistic are you? >> i'm very optimistic and not naive. you see the rebound in china and america, those are great days in front of us and when i say this, you're going to have hundreds of millions of employees who are not going to go back to the office permanently and 70% of them do not want to stay home, either. and they have the ability to be on zoom and webex and on teams. and i'm going to be welcoming hundreds of millions of them on tuesday on thursday for two hours for a full day. working the hotel that will have better space and the ability to meet someone. and have access to a bar and it's going to be fun. so that population, never had before. i'm going to have it in the -- tomorrow. so i'm actually pretty optimistic. but i need people around me as a team member, because i can not do it alone. i got to have great people. we have good people. haslinda: on an optimistic note
i thank you, sebastien. thank you. sebastien bazin c.e.o. of europe's accor. yvonne: optimism about travel and that recovery could come in early 2023. we cross our figure -- our fingers. being organized by bloomberg media group the parent company of bloomberg news. the first word news we have vonnie quinn in new york. vonnie: good morning and thank you. chinese vice president wang quishening -- kawg for -- calling for the world to come together to boost economic growth and said beijing would continue opening up to foreign investment at a time when more countries are raising barriers over national security concerns. he spoke in singapore. the day after presidents xi and biden held their first virtual summit. >> openness brings progress. and isolation leads to back yardness. -- back wardness.
we need to promote trade and investment, liberalization. bring down trade and knowledge barriers. stay away from discriminatory and exclusive rules and systems. and to keep functioning of supply chains, stable, and smooth. haslinda: st. louis president jim bullard said the central bank should speed up its reduction of monetary stimulus in response to surging inflation. the fomc said earlier this month it would begin tapering the $120 billion among bond buying program which was put in place in the early days of the pandemic. the planned pace of reduction puts it on track to cease purchases entirely by mid 2022. >> the inflation rate is quite high. the core p.c. inflation rate that the committee is -- favorite measure is about 3.6%. that's the highest it's been in 30 years. so i think it behooves the committee to attack in a more hawkish direction. we could move faster. we kept optionality on this.
that we could speed up the taper if it's appropriate. vonnie: china is accelerating plans to replace foreign technology. sources say a secretive government-backed organization is vetting and approving local suppliers in sensitive industries. acting as a gate keeper for sectors from banking to data storage. we're told that 1800 chinese suppliers have been invited to join the committee. and any company with more than 25% foreign ownership will be secluded. -- secluded. fizer has asked u.s. leg raters for emergency use authorization of its covid-19 pill. the drug was shown to cut hospitalizations and deaths in high risk patients by 89%. and can be prescribed for home use unlike most other treatments. fizer has reached a licensing agreement with a u.n.-backed group which will allow generic drug manufacturers to versions of the bill. global news 24 hours a day on air and on bloomberg quicktake
powered by 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. yvonne. yvonne: vony, thanks. coming up new york stock exchange president stacy cunningham joins us from the bloomberg new economy forum. our -- are valuation concerns valid? a lot to discuss there next. this is bloomberg. ♪
>> openness brings progress. whereas isolation leads to back yardness. -- back yardness. we need to promote trade and investment liberalization and facilitation and bring down trade and knowledge barriers and stay away from discriminatory and exclusive rules and systems. and to keep the functioning of supply chains stable and smooth. >> the underlying trend pre-pandemic and to accelerate is that the principal powers in the system, united states, the european union, china, really do want to nationalize the supply chains, do near shoring and industrial policy so you'll start to see over time more import substitution, a lot more critical goods whether it's semiconductors, auto parts, pharmaceutical equipment, everyone wants to make those
things within their own borders. >> we need to build what we call just in case supply chains, not just in time, right? so to do that we need to think about resilience and think about inventory and every c.f.o. in the country is outselling their supplier and more inventory in the case of another shock. and be extending our payment days and not pay you on time. so you're really putting a lot of stress and i think the sign for the future needs to be more flexible and look at how we can cut computing systems and build resilient systems. yvonne: all right. some of the big names speaking to us on day one of the bloomberg new economy forum. and we are bringing you that live coverage for the next few days or so and has -- it's kicked off with quite a boom here. just given the topics that we've seen whether it's supply chains, whether it's inflation, even just how we're going to emerge out of covid. haslinda: and the issue of supply chains disruptions is key as well. we've seen this for months and months now. way longer than expected.
and the sense out there is maybe globalization would take a back seat a little bit, it will be regionalization, but what does it all mean for businesses? and what does it mean for costs? that could add to the costs that businesses incur in the months and years ahead. yvonne: yep. and next guest coming up. new york stock exchange, a lot of questions there. haslinda: well, our next guest the new york stock exchange has been doing that since 2018 as the second female president. let's welcome nyse stacey -- stacey cunningham. good to have you with us. stacey: great to be here, thank you. haslinda: tough times. chinese stocks listed in the u.s. in particular have been under a lot of scrutiny both by regulators and congressmen. what's your sense out there? is there room for negotiations after the -- what we had between xi jinping and joe biden yesterday? stacey: certainly the conversation is between them have been so important and so critical to progress and focusing on that. but we look at the balance of
investor protections and investor access, that's one of the things that have made the u.s. market so deep and liquid. so it is important that we have those protections. but there is opportunity for cooperation. and i'm eager and hopeful that we'll see that. so that investors do have access to those opportunities and some of the dynamic companies from asia. haslinda: the thing a lot of demand for disclosure, audit oversight and as a regulators, as an exchange, how do you view that? do you want to be friendly or do you want to take a tougher stance? stacey: it's that balance between investor protections and investor access. and so making sure investors can have the opportunity to invest in companies that are fast growing is an important part of our role. but it's also important that there are protections that exist. and so one of the issues that is really underpinning some of the dynamics between legislation preventing chinese companies from remaining listed in the u.s. is about the p.c.a. oversight and making sure that they're subject to the same investor protections that all
other companies in the u.s. are. and that's the dynamic that we're working through. and that our regulators and governments are looking at. haslinda: the thing is there's a call for greater disclosure. are we then saying that the level of disclosure right now is insufficient? stacey: the one component that is missing with respect to companies from china and hong kong is the pcob oversight. so having an auditor auditing firms and so that's the one piece that's missing there. with disclosures generally, more generally, across all companies, we're constantly looking to give investors the tools and the information that they need so that they can make the decisions that matter most to them. and that are right for them. so that transparency and disclosures is certainly a big area of focus. and what really gives investors the power to make the right decisions. haslinda: a great year for i.p.o.'s. stacey: 2020 was a great year for i.p.o.'s and 2021 has blown through those stats year to date. and not quite over yet. haslinda: what's the peep line
for rest of the year? what's the pipeline for 2022? stacey: there's still a lot of dynamic fast growing companies in the pipeline both for 2021 and for 2022. we have companies, this week, next week, and lined up and continuing to come to market. you're seeing some companies deciding to push off their time line based on investor conversations and investor demand. and investors have become more disearning around which opportunities they're most interested in. so while we are seeing a little bit of a slowdown, we're continuing to see a very strong pipeline into the next year. haslinda: do you think there is appetite for chinese companies wanting to i.p.o. in the u.s.? and do you think the current momentum, the current tensions would hinder that? stacey: yeah. appetite is a great word, right? and there is still appetite for chinese companies to list in the u.s. and still appetite from investors to invest in those companies. the question is, can we get through some of the particulars around those disclosures so that those opportunities can be met by both sides? appetite is certainly there. haslinda: what are some of the
challenges that you see for the exchange in the coming 12 months? stacey: one of the things that we're all facing is what did we learn from this pandemic and what is the -- where are we going from here? what is the new paradigm? that's part of what we were just talking about here at the bloomberg new economy forum is many of the challenges that we've all been facing and considering are not new. but the pandemic really accelerated them. lessons learned around workplace and investment in e.s.g. and others are big area of focus for us and our customer base. what i would say is within those challenges, so much opportunity. so we're excited to deliver solutions to the market. that are going to not only capitalize on some of the challenges that we're facing but look for opportunities to have positive solutions and really a positive impact. haslinda: and you talked about inflation and how you expected to be temporary, not -- none of you that some -- stacey: mixed views on that. but temporary, i also added is a subjective term. are we talking about a couple of years while we see what the results for the pandemic are?
versus longer term inflation? and i think that's hard to see. i think it depends on what actions the fed decides to take. haslinda: spacs. just only heating up in hong kong and here in singapore. and it seems to be slowing down elsewhere. is there any advice for the exchanges here and in hong kong that you can give when it comes to spacs listed? stacey: again t. comes down to transparency and disclosure. spacs have led to a lot of opportunities to go public but the number of companies, especially in the u.s., that the spacs that were launched was pretty inflated. so i think we're taking a healthy reset on how many spacs are coming to market. so i would stress, though, that those disclosures because there are some conflicts of interest and important for investors to understand what are the particulars around fees and compensation? they understand the conflicts that can make the right decisions. haslinda: speaking of fees, exchange data, some say you should be paid for and some free. where do you stand on that? stacey: certainly data that's provided has led to competition.
so when you think about the exchange data, that's really representative of a change in the landscape on markets. so there's more fragmentation in the u.s. equity markets. and data helps you stitch that market back together. so while fixed costs have gone up with the data associated with getting a full picture of that market, the transaction costs through that competition have come down dramatically. so the cost to trade is actually less today including data costs and all the other fixed costs than it was prior to that competition. haslinda: any plans to take data to the cloud +we know that nasdaq -- stacey: our data is already in the cloud. we're obviously storing our data in the cloud so our customers can access it. haslinda: e.s.g. on the back of cop 26, what kind of effort, sustainably, efforts are you undertaking? stacey: back in 2003 we invested in environmental markets with a partnership with the climate exchange which we then inquired in 2010. so we've been very focused on sustainability, renewable markets, and as we look to solutions to be able to provide to our customers and help drive
meaningful exchange -- change, we ten to build on that. right now we're the global leader in emissions trading and carbon markets. to help those offsets. and -- when we're excited about our most recent initiative to launch natural asset companies which provided investors a way to invest in the natural capital. think ecosystem services, and reforest racial efforts and put those dollars into -- reforestation efforts and put those dollars into solutions and have a -- and deliver solutions for investors and companies that have those resources that are priceless. now we're going to give you away to actually put a value on them. haslinda: the question is how do you hold companies accountable? stacey: by giving them solutions so that they can help drive change and investors hold them accountable and investors are doing that. they're doing that today. so that's why we focus so much on giving investors the data that they need around e.s.g. we're one of the largest e.s.g. data providers so that people can see what are the metrics
that companies are meeting. what are their standards? what are they disclosing around their e.s.g. efforts? so investors can choose to reward the behavior they want to see and we're seeing it drive meaningful change in the market. haslinda: stacey, thank you. have a great stay here in singapore. >> thank you. haslinda: hope to see you again. stacey cunningham nyse president. yvonne. yvonne: great interview once again, and a new economy forum being organized by bloomberg media group a division of bloomberg l.p. and the parent company of bloomberg news. take a look at your g.m.m. function how markets are faring on this wednesday morning and still looking a little bit in the red here. but we're off some of the lows of the session when it comes to risk assets. equities, we are actually slightly lower here in the kospi and down close to 1% here. australia, new zealand, the nikkei as well on the back of that dollar strength. that we're seeing here. one-year highs for your bloomberg dollar index right now. we're pretty mixed across f.x. but stronger renminbi still very much in focus and still getting that boost from that optimism
from that xi-biden segment. 638 forker renminbi and commodities a little bit lower when it comes to iron ore and above $90 a ton but aluminum futures are lower by about 2%. you see bond markets are settle off here in the asia session and what we saw with treasuries on the back of that u.s. retail sales print, and australia stands out here today on that wage price index that we got. it was basically what economists were expecting ask still far from the 3% that mentioned could warn some type of rate hike. there you go. that's the market play here but there's a lot to look ahead to at the new economy forum, has, henry kissinger coming up any second now. yvonne: that's right. henry kissinger the man two years ago who said that we could be in the foothills of a cold war within the u.s. and china. and we'll get an update on where he sees things now between the two. between two sides. let's listen in. he's speaking right now.
>> i was going to begin by asking you about the last physical meeting that we had of the new economy forum in 2019. you warned us about being in the foothills of a new cold war with china. and then in the last virtual version of this, you told me that you thought we had reached the high mountain passes. that was back in the days of donald trump. since then, of course, we have had the biden presidency. and i think it would be fair to say that the first period of the biden presidency was one of increased tensions with china. but the past week, we have seen in a sense a kind of come down the mountain. we have the deal to do with climate at cop. and now we've had this conversation between president xi and president biden which -- wang qishan, there was common
understandings and i suppose my first question for you is are we beginning to come down the mountain or do you still see this as a relationship heading in the wrong direction? >> i'd say we're through the mountain pass on a precipice from which you could look in both directions. and now it depends which direction is chosen. >> on the edge of a precipice is never normally a good start. but all the same, on the necessary conditions for us to start coming down the mountain so to speak, what do you think america needs to do? what does joe biden need to do to help change this relationship if he wants to do that? >> i think both sides have to
accept -- adapt the view that they -- the conflict between major technical powers of comparable capacities must not occur for the preservation of humanity. and they therefore have to decide that they will attempt to compose inferences to a level which co-existence becomes not only possible but essential. i think the conversation in the last two days a good beginning
of this statement of a possible move. and now have to be followed by concretizations that lead in the direction -- concrete discussions that lead in the direction that both presidents affirmed they want to pursue. >> where do you see america in that? just to push you on that, do you think that america is committed to a better relationship with china or do you think it still sees it a strategic rival? what is your impression of the biden administration? >> it is inherent, it's inherent in the technology and economic economy of each side that countries will continue each other as competitors.
and public opinion in the united states has moved into the direction of looking at china as rival. the necessity for both sides is to see whether from that posture they can move toward a pattern in which disputes are attempted to be mitigated and in which they realize that a victor is not possible without a risk of destroying humanity. >> on that particular thing, are there particular areas that you would want to see america and for that matter china
concentrating on? we have seen the progress on climate. but are there other areas, other opportunities that you can see where there is room for cooperation? >> there has been some progress made on climate change. and there is a whole range of technical issues in which cooperation between the two sides could bring benefit. and there are also tensions in the world in which cooperation between china and the united states say on neug leer proliferation -- nuclear
proliferation is of the greatest importance. so there are many topics which it's important to begin to see whether the two sides are sufficiently compatible to permit cooperation and if there's -- if that is not possible, how to prevent them from moving toward conflict? >> are you convinced about the china's good intentions in this? i mean, if you talked to a lot of people in the united states, or indeed in the west, they will say that china is not -- is sort of bent on becoming a bigger power and that america and other things are in its way, it wants to go its own way, it is merely biding its time? do you see the current chinese
regime which you know well, do you see that as one which does want that degree of cooperation that you've just spoken about? >> my task as a student of foreign policy is primarily due to sake owe o'neil a's -- to psychoanalyze the chinese regime. yvonne: that was henry kissinger there speaking with our editor-in-chief john micklewait on this discussion about u.s.-china saying this discussion to summit this week was a good beginning. but he did mention china and u.s. must avoid conflict for the sake of humanity. and that the u.s. and china should see each other as -- or sheathe -- see each other as competitors but made progress when it comes to kelemete change. we will believe this for our bloomberg plus subscribers and watch at live and big diary entries later on today and this week and some of the events you may have missed earlier and big interviews to bring you from the
after a generally positive summit. plus, most asian stocks flip and calls for miter -- tighter monetary policy. haslinda: about 2.5 hours since we kicked off the forum, we have touched on everything from trade, health, supply chain disruptions and currently we're hearing from henry kissinger, this is the man who talked about u.s.-china at the foothills of the cold war, but today he says the virtual summit yesterday is a step in the right direction. there are signs that tensions could be easing. later in the show, we are speaking to the u.s. commerce secretary. we will have their perspectives
on what is happening in the world. the chinese vice premier open the forum promising his country will continue to open its markets to foreign investors. china cannot develop in isolation of the world, and nor could the world develop without china. china will not waiver. yvonne: technically second in charge speaking is a after the chinese leader held that virtual summit with joe biden. let's bring in stephen engle. when it came to what the vice president said, it kind of echoed what we saw from the summit, that there was a need for cooperation and china does not want to be isolated. stephen: it was interesting, he talked about how they built mutual communication, agreed --
there seems to be some form of common ground. there wasn't anything earth shattering on policy, but there was reconciliation. that is why these comments we got overnight or early this morning within hours of what seem to be a mutual understanding, these are red lines were china said there would be drastic measures on taiwan, but we had joe biden reaffirming he stands by the document he signed in 1979, the china-relations act which is not promote independence, it says the u.s. would come to the aid and defense and supply arms to tie warm over the period of time. then this morning, he was asked about taiwan when he was in new hampshire, his comments were
misquoted a little bit. he simply said it's independent. they make their own decisions. let me give him the opportunity to clarify, because later he was asked about why he calls taiwan independent. this is what he said. >> i said they have to decide, taiwan, not us, and we are not encouraging independence, we are encouraging what the act requires. stephen: to clarify, i did couch it this morning, i said why would he say taiwan is independent? he said taiwan is independent in making their own decisions. if they want to make that decision, they are independent to make that decision. he is not saying taiwan is independent from china. yvonne: when it came to some kind of good news, easing of visa restrictions.
stephen: that has been a sticking point. tit-for-tat retaliation, revoking of journalists pieces, a number of journalists in the united states, those who stayed had to be on revolving one-month permits to stay. now it seems china daily says after the u.s. begins to issue one year multiple entry visas for chinese journalists, china will reciprocate. state media is saying the u.s. first. yvonne: the beginning of something. our chief north asian correspondent. don't miss our exclusive interview. let's do a quick check on markets. we are off on session lows when
it comes to risk assets, we hear a lot of the big names talking whether this is transitory or not. u.s. retail sales, we saw solid prints, consumers are not too concerned. that is not trickling through here in the region, given the dollar strength we have seen where yields are in sovereign bond markets. australia has been an outlier given the wage price data we got, it did not quite show enough to warrant these expectations. yields are up by about three basis points. the remedy looking strong, near three year highs for the yen. the weakest level in four years given the dollar strength.
commodities mixed bag, alumina futures seeing some pressure. haslinda: lots of themes that could move markets. u.s.-china tensions, central-bank policies. let's bring in market live analyst. we saw gains in the u.s., but losses in asia. tech stocks in particular under pressure. >> i think the problem is the strong session in the u.s.. this is providing a problem for asia. it means a tightening of financial conditions with a tightening dollar, but it is saying the u.s. is the investment place in the world. strong stock market, consumer is resilient, cope with the inflation problem, that is dragging funds away from asia. haslinda: will it get higher? >> i think we still have this upside pressure on yields.
the big question is, we know we have an inflation problem. that is what we are deciding. that is going to be key. dollar strength is driven by front end yields, not the bakken. they might be near a temporary pp haslinda: fair to say currently -- >> absolutely. if confuse the market. i think on a medium-term basis, we are not expecting any difference in policy. they're both quite dovish, expecting the same outlook on rates. i think if they are announced, there will be short-term disruption. lack of continuity, shows it's a political appointment, and the idea of regulation. softer dollar, perhaps a bit of
nervousness. haslinda: lots of themes at this conference. how does it play out in the market? >> obviously, inflation, we want to hear what people are saying. i think we want to hear what the second takeaways. obviously cop 26 is profound longer term. i think you want to hear from bloomberg -- leaders. but they are saying on the supply chain, on inflation. haslinda: no consensus. faith cunningham said it's temporary. >> i don't believe it myself. haslinda: thank you. let's get the first word news with vonnie quinn. vonnie: the st. louis fed president says the central bank should speed up monetary spillovers. the fomc said it would begin tapering the $120 billion a
month bond buying program which was put in place in the early days of the pandemic. it's on track to seize purchases by mid-2022. >> the inflation rate is high, the core inflation rate is about 3.6%, the highest it's been in 30 years. i think it behooves the committee to attack and a more hawkish direction. we could move faster, we kept optionality on this, we could speed up the taper if it's appropriate. vonnie: the u.s. says flight restrictions may be needed as air carriers adjust to 5g signals. officials have said it's possible 5g signals could disturb equipment on airliners and helicopters. the faa says it's having productive discussions with the fcc and telecom industry who see no evidence of a problem. china is said to be accelerating
plans to replace foreign technology, sources say -- acting as a gatekeeper. we are told 1800 chinese suppliers have been invited to join the committee and any company that's more than 25% foreign ownership will be excluded. disneyland and hong kong will close on wednesday to ensure staff members will complete covid-19 test. it was put on the city governments mandatory tesla's late tuesday after previous [indiscernible] visitors and staff at the park between 11:00 a.m. and 6:00 p.m. on sunday are required to undergo testing by thursday. those are the latest business flash of bonds. yvonne: thank you. we will bring it back in just a moment. one, right now, shery ahn is
moderating. the dangers of a widening rich-poor gap, included is the vice president of tanzania, the founder and ceo of oz of finance, dan schulman and the senior minister for the singapore advisory board member joining for that panel. we will leave there. bloomberg subscribers can continue watching at live go, also later on this week as well. plenty more to come. this is bloomberg. ♪
live at the new economy forum. how have the discussions been like so far? when it comes to supply chains, is it still inflationary? how long will it take for these bottlenecks to resolve themselves? haslinda: speaking of inflationary environment, it's been a huge debate. the likes of stacy cunningham saying inflation is temporary and something we have been hearing from jay powell. it is to say? speaking of trade, some of the most widely discussed topics, for more, let's bring in the u.s. commerce secretary who joins us from this event. good to have you with us. you are heading to malaysia after this, what do you hope to achieve? >> we are having a terrifically. i have been to japan, while i'm
here i'm meeting with the economic ministers of new zealand and then carry on to malaysia. it's really just, president biden has said america is back and this is proof of that. i am here, i met with the prime minister of singapore, i'll be meeting with the economic ministers of malaysia. america has been in this region for decades, and incredibly important region. i am here to fortify those relationships. haslinda: we have heard president biden once a more resilient supply chain. when you talk about a more resilient supply chain, what exactly are you talking about? how does it look like? >> for so long in our supply chain, the mantra has been just in time. now, we realize the
vulnerabilities of just-in-time. we need to have redundancy. we need to have diversity. i am here in the region talking to companies in our supply chain, and ministers to say let's collaborate with our partners. tomorrow i will be in malaysia. a good part of the american supply chain is in malaysia. some factories went down due to covid outbreaks which had disruptions in america. some factories went down due to natural disaster. they are saying, how do we work better together? how do we improve resiliency and transparency to get rid of these chokepoints and bottlenecks? haslinda: we have to talk about trade. in a new normal, in the area of trade between the u.s. and china, what is that exactly? >> we want trade.
exports are good for u.s. business. china needs to play by the rules, they need to respect our ip, they need to live up to their commitments. right now in the so-called phase one deal with the chinese committed to purchase a certain amount of aircraft in agricultural products, they are not doing that. we want to level playing field, we want everyone to play by the rules, and of course we do want trade and exports. haslinda: the uso talks about using new tools to address chinese practices, what are these new tools, and are you looking at deploying these new tools? >> president biden is so clear about this, first and foremost, we invest in america. just two days ago, the president signed a trillion dollar package, biggest investment ever in american infrastructure.
and then we work with our allies, which is why i'm here in this region. we want to develop a more resilient supply chain with our allies. here in singapore for example, or in malaysia or japan, they are key partners in advancing manufacturing. we need to work with them. haslinda: what are these new tools? >> that is part of it. i am here laying the groundwork with these countries to come up with an economic framework for how we work with countries in this region on the supply chain, semiconductors, digitization. decarbonization. going beyond the limits of a traditional free trade agreement, to look at other aspects. haslinda: the u.s. has been pushing for an opening of chinese industry, we are seeing that in the finance industry
where big u.s. companies are owning jvs and china, but not the case with tech. in fact, it's going the other way with sanctions imposed on huawei, are you concerned about that? >> what we are doing primarily is protecting america's national security interests and our economic security. as i said, china has a history of engaging in coercive, anticompetitive behavior. we're going to do what we need to do in order to protect american industry and workers, and technology. haslinda: speaking of technology, in order to get around u.s. sanctions, you had huawei selling its high-end smartphone business to a state owned company. how do you view that, and would you consider sanctions? gina: the sanctions are out of
my remit, so i will refer you to the treasury secretary. we are first and foremost committed to protecting american industry and workers and national security. we have to use every tool at our toolbox to make sure american technology isn't used by the chinese in ways that are at odds with our national security. so, we are very serious about that and will do what is necessary in order to protect americans. haslinda: one final question and that has to do with the chip sector. we know that the u.s. is trying to get data on chip manufacturing. how will that help build a more resilient supply chain, and are you concerned other countries would adopt a similar policy, getting data from u.s. company? gina: i am the person who is leading that effort and i did it after companies -- consultations
with companies who told us there is a lack of transparency, the producer is saying where's the chip ghosn, they increased -- they asked us to increase transparency, it's a voluntary effort, it's not compulsory. we're going to keep the data strictly and completely hunt -- i believe increasing transparency will reduce the bottleneck. haslinda: thank you so much for your time. enjoy the rest of the conference. great conversation. yvonne: as usual. talking about increasing transparency, to try and avoid these types of supply chain issues once we do see another event like this, of course not the pandemic, but a future event
if it does bring trade to a halt. little bit more on that here on this panel. this is one that shery is moderating. the rich-poor gap, are we seeing a k shape recovery. let's listen in. >> i think if you use the technology, you can make the moving of money faster, less expensive and by doing that, hopefully drive some incremental financial health which i think is again the bedrock of so many things. shery: will it increase the digital divide as well, because we know many people in africa are still not connected to the internet, what have you seen mr. vice president when it comes to the pandemic and acceleration of
digitization? >> i think the gentleman who just spoke has it right. from tanzania and the rest of the continent, we are really seeing there is an opportunity if the advanced world could share with africa the digital technologies. screening, testing and so on. this will make a huge difference for us who are still struggling with such facilities. haslinda: conversations ongoing.
let's bring in a ceo who is joining us. let's talk about ipo's. >> there are many means to raise capital, we have boosted measures, we see multiagency efforts with the creation of -- we're seeing a good pipeline. we are optimistic there ipo's coming in the months ahead. talk to us about the new pipeline. are these going to be $500 million ipo's? billion-dollar ipo's? >> they will be in the hundreds of millions, the unicorns.
we are seeing companies across different sectors. hopefully with conducive market conditions, many companies will be able to [indiscernible] haslinda: and it will be mainly from southeast asia? >> across the board. we have companies outside of asia. haslinda: one of the most exciting areas, singapore and hong kong. it does seem like the momentum is slowing down. >> stocks have been around for quite a while, over two decades. haslinda: euphoria is recent. >> for our listing framework, it will be interesting for investors looking at asian businesses, asian companies, i
think there will be companies that could have ipo via spac. haslinda: some companies have -- give us a sense of how soon the first one will come on board. >> we have a good pipeline, we're actively talking about potential sponsors if market conditions hold, we hope to have the first spac ipo by early next year. haslinda: you had acquisitions -- give us a sense of the kind of acquisitions you have been making in the next 12 months, because you recently raise $250 million. where will the money go to? >> the covid-19 pandemic has shown that markets are more interconnected than ever before, so this is really across
classes. we have a strong balance sheet, we have tapped the bond markets. they supplement and complement the possibilities we see. haslinda: in 2022, with that be a good year to make a huge acquisition, no panic, it's all ok. is it a good year? >> we have done a series of acquisitions, we continue to broaden our capabilities. if the possibility comes along, we will not be shy. haslinda: you are seeing competition from hong kong contrast the 850. how do you think you should be
positions to counter the composition? >> we have access to all of the asian market across asset classes, for investors to invest into china from equities, commodities in currencies, and the cyclical space, etf. last year, we did the world's first from one index to another in a new series of contracts. haslinda: [indiscernible] what is the outcome? >> the consultation has included. haslinda: in terms of what
investors can expect, offshore assets to china's stock market, what are we looking at? >> china is a big market, we will continue to expand, and i think the market will continue to grow. haslinda: when you take a look at the markets, is quite interesting how the stock market has been testing new highs after new highs. is there a sense there is too much optimism, euphoria? >> one consideration is the view around whether inflation is transition area, or is it likely to stay high for a while? and if particular central banks in the u.s. start to normalize policy, there is volatility in the months ahead.
haslinda: what is your take on inflation? >> the disruption we are seeing in the supply chain and obviously global growth rebounding, i think inflation is probably going to be high for a while, and probably central banks in some key developed markets will have to start to normalize policy. haslinda: we have seen a trend of retail investors pumping in liquidity into the markets. most of these investors are first-time investors who have not experienced a downturn. are you concerned that can be a lot of pain? >> many of the service providers, intermediaries give their investors education. many of these investors are also doing their homework when they invest in the equity markets. so i hope we will see a very sharp immediate downturn, but if investors adjust, the market will be able to stay --.
haslinda: thank you for your time again. the hong kong versus singapore debate continues, this time in the markets. yvonne: it is ongoing, right? [laughter] breaking news crossing in with india, boeing agrees to settle that 737 max claim. the latest we are hearing from that statement is that this ensures the resumption of these new max deliveries and paves the way for the reduction -- introduction of younger max jets. so boeing has agreed to settle these claims with spicejet. and good news when it comes to that 737 max. let's bring you the live pictures from the panel at the bloomberg new economy forum. it is moderated by our very own shery ahn. let's listen in. >> 70% of our loans go there, and that is because we use technology, we use different things, traditional fica scores and that kind of thing, to think
about, how can our products help these underserved communities? that is part and parcel of our mission and part and parcel of what our values are as a company. i think of all of us can lean into this, there are ways you can help in all parts of the world. the impact would profound. you can't think about it as we can only do this, we have to take about it in its totality. the impact could be substantial if we do that. shery: elizabeth? >> could not agree more. we process for 35 of the largest remittance companies in the world. remittances are essential to the growth of the african continent not just the transaction costs, most companies struggle with accessing last mile, accessing float, refunding, treasury. these might seem like esoteric ideas, but it is actually what opens up the flows of the $34 billion coming to the continent.
without fintech and technology companies to do the hard work of holding those apis, digitalizing the last mile, connecting the mobile money, like airtel into the banks, and banks into the cash networks, that is when we get that seamless player in the money can flow. but until we get the infrastructure built, it is a bottleneck. i worked for five years in micro-finance across the continent and i saw this which bottleneck in accessing funds. the second part is about the use of the dollar. a lot of the funds distributed across the african continent are still distributed in u.s. dollars, causing a huge fx mismatch, which is something that needed to be addressed. >> if i could just build on that, international remittances are one of the most important influence into certain economies. and traditionally, the international remittance, the fees for that can be up to 8%. if you go digital wallet digital
wallet, you can do that at 80% reduced costs. . when you look at the flows in international remittance, it is a huge number, getting money to those who most need it. shery: mr. vice president, what is your view on what is being said right now? and let me also add a question from our audience, who is asking, the challenges have been highlighted, the modern opportunities for emerging economies. the reason i am putting those two together is that, at the end of the day, you can support developing economies, but you also need private capital. how do you make yourself more attractive? >> well, first, before that, i wanted to follow-up again on the technology issue. i think there are simple things that really need to work on. one of the issues which concern
us in tanzania is the whole issue of having a responsible social media. for example, instead of giving a balanced view on the vaccines, some of these social medias are really talking about, you know, the result in making people impotent. you know, they cause sudden death, that kind of -- and in the rural setting, even in the urban areas, it is very difficult for ordinary people -- yvonne: the tanzanian vice president speaking. you can continue to watch at liv you will also find the big diary entries coming up today and later this week. the new economy forum going on for the next few days. plenty. this is bloomberg. ♪
work together to boost economic growth. he said beijing will continue opening up to our investment at a time when more countries are raising barriers over national security concerns. he spoke the day after president xi and biden held their first virtual summit. >> openness brings progress. isolation leads to backwardness. we need to promote trade and investment liberalization and facilitation, bring down trade and knowledge barriers, stay away from discriminatory and exclusive rules and systems, and keep functioning of the supply chains stable and smooth. vonnie: australia's trade minister says ministerial-level talks are needed to consider china's to join a regional trade agreement. speaking at the bloomberg new economy forum, he said member
nations need to sit down and work through market access issues. both china and taiwan have asked to join the cptpp, presenting member nations of a difficult choice, having one, both, or neither. this company says it is keen to increase investment in its joint venture with citigroup in china to capitalize on opportunities in the markets. he or mike wells told the new economic forum that the firm is open about its plans to invest more. prudential is increasing its focus in asia, particularly mainland china and hong kong, having spun off operations in the u.k. and the u.s. the mastercard ceo told the forum that the labor market recognition that has become known as the great resignation may stay for some time. he says have competition in industries in great demand, such as hospitality and health care and finance. he says staff a.i. and, digital identity or separate case skills know that they can do better --
cyber skills know that they can do better and that is why they are looking elsewhere. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. yvonne: we are live at the bloomberg new economy forum in singapore. haslinda: is with our next guest, focusing more on vietnam now. haslinda: vietnam, e.v., climate. our next guest is from vin group, whose automobile unit plans to start selling electric vehicles in the u.s. and canada and europe next year. let's bring in laity to tie -- laid the two -- let's bring in le thi thu thuy . so why do you think you can make it in the u.s., europe, and canada? >> we have been planning this for years, from the day when we decided to start an automotive
company. we think we can make success in the u.s. because like everywhere else like vietnam, we focus on number one, having a good quality product. we have two models showing at the los angeles auto show, a midsize suv and a full-size suv of electric nichols. and at the ces, we will show more of our folio. we have good quality products topped off with a 10 year warranty. secondly, we price our photos competitively. haslinda: what is the price range? guest: still working barnett, but it is going to be very competitive to the internal combustion vehicles. it will make moving to electric nichols easily. not everybody can afford to buy
$100,000, 100 $50,000 evs pop. haslinda: you are talking about tesla, aren't you? guest: and many others. [laughter] there are people attracted to those vehicles, but for many people in the mass market, affordability is lower. we are making cards for those people. not competing with any e.v. companies. electric vehicles, that is the trend everywhere in the world anyway. haslinda is what trend are you looking at everywhere? back home, you are the key player. >> we spent the last two years looking at the domestic market. we have two models in the viennese market and we are getting ready to go global next year. in the u.s., even if we can get 0.5% of market share, the total addressable market, meaning all the cars in the u.s., 1% or 2% in the future is a lot.
haslinda: you are also looking at a plan to perhaps open a factory in the u.s. where and when might that be? guest: we have it narrowed down from 50 sites to five or six. we are considering probably early next year at ces, we will be able to make that announcement. the plan to open the manufacturing complex in the u.s. in the second half of 2024. haslinda: and what kind of investments are you trying to put in? guest: we are looking at $5 billion or six dollars. >> in the first two years, $1.522 billion. for 100,000-car factory to manufacture battery cells for the vehicle and electric bus factory as well. haslinda: you have big plans in the u.s..
our conversations about listing in the u.s. as well. where are you on that. what is hindering the plan? could go sooner rather than later? guest: we plan to go list in the u.s.. probably it will happen in the next year or two. haslinda: likely the next year rather than two? guest: earlier, the better. it depends on a lot of factors. we are waiting to launch our vehicles in vietnam first. we have preordered 25,000 cars that we need to deliver within the end of this year and early next year. so the market knows that we actually have electric cars on the road. we are working on a portfolio of multiple cars, with two cars reassuring -- that we are showing in los angeles. they will be open for preorder in the first half of 2022 and
for delivery in the second half of 2022. haslinda: i am just curious, why not ride on the euphoria right now on the back of rivian, which has done a phenomenal ipo? guest: i think the possibility of initial public offering depends a lot on the market. it depends entirely on -- it would have happened already. the rivian ipo was fantastic, and we think the market is looking for more players that can execute in the sector. and i think we've a good opportunity ahead of us. haslinda: how about plans at home in terms of what you are investing in? would you be perhaps building a battery grant in vietnam? guest: yeah, we announced a month ago that we are opening a battery-cell factory in central vietnam. also, we are setting up a
tolerable -- autonomous driving, smart features, and connectivity testing facilities. we will test a lot of our tests for validation in that facility and also focus on developing new features for the vehicle. haslinda: so you will supply your own batteries. guest: we will. in addition to others as well. haslinda: looking forward to the ipo. le thi thu thuy, thank you. yvonne: taking a look at markets, we are lower in the region by 0.4% for the same-sex. the nifty as well, -- for the sensex. down on the nifty as well. broader asia, it is the same trend in equities.
still seeing some pressure in korea. so obama has resumed a bit more. nikkei 225, coming back from lunch break, down 0.4%. we have hang seng, also down 0.5%. have earnings coming out. u.s. futures still very much lower, by 0.1%. we are contending with the dollar moves. the bloomberg dollar index reaching the one month-high, 1.64 for u.s. 10-year yields as well. picking up by 10 basis points as we saw that stronger u.s. sales data. the aussie five year yield is headed in the operator direction -- in the opposite direction. oil as well. there have some reports that the u.s. asked china to release some strategic reserves to help alleviate some of the crunches we have been seeing on supply.
aluminum is lower by 2%. there is a lot to contend with for the dollar strength. we also have people talking about who will be the next fed chair. there is still a lot of confusion after we heard from president biden that the decision will be announced in the next 4 days. we thought it was imminent. there now seems to be a delay. wonder why. there are some betting agencies, the odds for lael brainard have been slashed and it is now an equal favored. the aussie dollar is around $.72. offshoring maybe, still hovering around 6.39, and on course near that three-year high, although still a ways away from what we saw three years ago. that is the market pulse. we have plenty more ahead. this is bloomberg. ♪
raised through ipo's and how quickly investors can exit. he directed six thermal power plants to actually halt their thermal power plants due to the pollution there. and the chairman of this telecom company said that tackling pollution must be a priority. also, spicejet, the budget carrier, saying that boeing has agreed to settle on the 737 max claims. this will pave the way for deliveries to start again. sticking to india, the country has made a concerted push with opec+ on oil production but advised, nature consumers against dellinger strategic reserves. we spoke with the country's energy minister in abu dhabi. >> for the foreseeable future, traditional fuels, petrol and diesel, petroleum, are going to be the mainstay of the global economy, and i think we need to
factor in very carefully what happens when those prices go through the roof? >> i was going to follow up on that here. part of the conversation is the energy transition. india as opposed to -- india is opposed to stopping some of the call processing plants. what is your line in the sand about a keeping energy at a reasonable cost, versus attracting the cost of indians -- versus protecting the health of indians? guest: first of all, let me put it this way. i think you are referring to what happened at cop. i was not in• glasgow8. and i am not a native english speaker. what is the difference between phaseout and phase down? i don't know. for a large number of countries, which, during the process of the transition, will have to rely on whatever means of energy that they have, if suddenly somebody
could enhance their availability of petrol and diesel gas in the market, they would not have to use that. it is not india alone. india is one of the countries. it is very convenient to take the focus off oil and gas and suddenly talk about coal as if that were the main issue of discussion here. so, there is a little playaround here. whatever the language is, where it came from, et cetera, there are a large number of countries which will, in the short run, have to make sure their citizens are supplied with electricity. haslinda: that was the indian energy minister speaking to us from adipac in abu dhabi. we are coming to you live from the bloomberg new economic forum. we had gina raimondo speaking to our editor-in-chief, john
micklethwait. conversations are continuing here. we have manus cranny for a wrap of some of this morning's highlights from the bloomberg new economic forum. minus, we have had conversations along -- manus, we have had conversations along the lines of trade, finance, new energy, but what sticks to our mind is the conversation we just had with, henry kissinger who is pretty optimistic that the two sides have started to talk, the u.s. and china. manus: kissinger has said, we are through the margin past, but we are on the precipice. looking in both directions. the essence of that is, it is about treating one another fairly. the phrase that stick out for me is equivalence, not subordination. therein lies the point of what biden and xi need to achieve. for kissinger, it was progress,
but how do you treat one another and avoid the worst case scenarios? he said you need to find the road to compromise. you need to agree your disputes not as a victor, but, again, as sort of a moderation and mediation. he talked about e.u. relations, you can pick it all up on the terminal. i guess trade is at the heart of this. we had the new zealand trade minister, he is on his way to talk with europe. i asked him, what are the doors for allowing china into that transpacific agreement? haslinda: fuel tech about trade, it is -- -- you talk about trade and it is all front and center. . i had a conversation earlier with the australian trade minister. he is looking at the trade deal with india, and also looking for a closer relationship with the u.s.. that relationship has been, i
guess, they have been caught in the crosshairs of the u.s. and china and they are looking for tensions to be dialed down. conversations on inflation as well. manus: one minister from china said, it is all about the flow of money into china, around the official narrative. he is talking about the flow of money in, he is on the private equity side, but it is also, how will you get your money out? that will be one of the biggest risks about investing in china in 2022 and beyond. haslinda: that is it for the moment, yvonne. but conversations continue. to keep in touch with the developments here. yvonne: yeah, a lot going on there. hopefully you guys can take a little break in between those discussions and interviews. coming up, we have a big one with the prime minister of singapore. he will be speaking at the nef with our editor-in-chief, john
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♪ >> from the heart of where innovation, money, and power collide. in silicon valley and beyond, this is "bloomberg technology" with emily chang. ♪ emily: i am emily chang in san francisco, and this is "bloomberg technology." coming up, activision blizzard employees taking a stand, staging a walkout to press the ceo to stop down, this after a report he was aware for years of