Rba on october and december. We have that bad aussie jobs number yesterday. Rishaad if you look at the headline numbers. Lets have a look at the markets. This is what we see now. The Central Bank Governor david the Central Bank Governor, just wanted to mention that. Rishaad of course. You have to talk about the philippine fed governor. David why not . Let the filipino do it. He will be coming up in eight minutes from now. He might bookmark it. Rishaad profiling, thats what it is. [laughter] rishaad lets move and have a look at the markets. Hang seng up to positive. Just below the gain line. Zhang line, signing up to the upside. Feeling that we may see Interest Rate hikes coming cuts, should i say, coming in october november. This is the position for the nikkei to 25. Up 5. 5 . Look at the topics. Doing rather well. Five straight weeks of gains for the broader market. Lets have a look at the constituent movers and take a look at these different Asset Classes and how they are behaving. We had davidhat saying, one basis point to the upside. Hasty evening of the yield curve is something which is desirable. That as they did cut the amount of bond buying they were doing on various parts of the yield curve, in three different maturity levels. Thats the reason why we see an effect on the 10 year yield as it continues to lurch higher over than last couple of days. 1 rling, up around 8 10 of in the last 36 hours. The latest move to the upside coming as a Jeanclaude Juncker hinted that he could be open to new suggestions concerning the irish backstop and dealings with boris johnson. They want to hear what they have to say on what proposal they have. At the moment, they have been ruled out, the ones that have been. Crude oil, 1. 1 up. Ratcheting up between tehran and washington. That is not helping crude Oil Prices Move down pure they are moving to the upside, 1. 1 . Platinum futures, they were higher. 941, . 60. They are part of the reason we have seen etfs have been buying gold, trying platinum, and selling silver. There we go. With all that in mind, lets find out what else is happening with yvonne. Yvonne wrapping up all that centralbank action that we saw, we also heard from the governor, maintained the growth in india is a priority and said the feds rate cut this week will help spur inflows to emerging markets. Take a listen. Shaktikanta any cut in Interest Rates would mean greater flows into emerging markets. And i think india is among one of the most attractive destinations. Yvonne emerging markets and cross over to arco anchor, Haslinda Amin at the milken Asian Institute with our next guest. Haslinda thats right. Lets get his take on it. Manages 46 billion in assets and in management. Good to have you with us. We just had the governor of india say that the rate cut by the fed would cause an inflow into ems. Do you agree . Listen, i think we are at an interesting juncture right now in terms of uncertainty in the market. On the one hand, we are talking about recession in the u. S. On the other, we are talking about a fair amount of slowdown that is happening in markets around the world. Intoer that translates countries like india, we will have to see. Many countries are facing those kind of challenges. Taking a longterm view, the growth stock of the Growth Prospects are attractive enough to attract longterm institution. Haslinda including the likes of india, indonesia, china . Brian very much so. You are having very large sections of the population that are coming into wealth. Disposable income is increasing as gdp is increasing. And that is creating lots of opportunities for consumers to start spending money in areas of the economy, products and services that have not necessarily in the past been innovative for them. That is the opportunity for the private markets. For the public markets, to offer these products and services to these consumers and capture th that market share capture that market share. Haslinda australia is looking pretty fine. Brian australia has had almost 28 years of uninterrupted economic slow. Haslinda slowing growth. Brian it is slowing down, part of the growth is reliant on trade with china in terms of resources. It does have correlation to china. But australia is a mature economy with a very sophisticated set of companies, industries. Incredibly agile in adapting to different economic environments. We think that when we are investing the product markets, we can pick out we are not an index, we are not investing australia. We are investing in attractive sectors haslinda like . Brian like health care. Like catering to the aging population in australia. And helping the government. Because the government cannot fund all of its health care by itself. It is relying on us to do so. Providing opportunities for services that cater to that market. When we are investing in the capital markets, we are able to find the sectors and companies within the sectors that have the tailwinds behind them to be able to grow, to spike, a darkening environment at the back. Haslinda one of the key trends in the space, some say eft is one. Brian it is very important. I think it has become important in the last few years. Folks10 years ago, some could not spell esg. Today, that is very different. I think the prominence of pushing for change in how inc. Esgonal investors considerations into their investment, it become so prominent that you cant hide anymore. You need to take it seriously. Haslinda is it true in the private space, the g is easier, it is easier for the public space . Brian i thing that is a good observation. I think the private equity model is very inline to strong governance. You have a very tight shareholding structure, usually with a very handson operator from the private equity side. That is very much aligned with a management team. It is more dispersed and the public market. I think what many private Equity Investors are grappling with today is how do they effectively cooperate environmental and social concern into their investments . I think it is clear to everyone today that there is a lot more tension and need for the environment environmental matters to be taken into account. It is a big area of environmental wreck reputational risk. It would be unwise for private equity as well as any other investor to not Pay Attention to it. Haslinda investors having to navigate all sorts of uncertainties. We had the Central Bank Government asked governors saying trump is the biggest risk. Brexit, the u. S. China trade war, or the volatility in oil. In your opinion, which is the biggest threat . Brian its a good question. We are longterm investors. We are investing over five to 10 years. The seeds and reaping the rewards in 10 years. We can afford to take our time and pick our spot in different parts of the market. Asia is a very diverse country with a different dynamics. And i think it is dangerous to just look at the headlines and think that it is impossible to make strong return. You really need to look at the micro rather than just the macro. Time is your friend. And over time, over different countries, over different sectors and companies, it really helps you navigate those risks. Partner brian lim, theyre coming to you live from the milken asia summit here in singapore. Woman on tv,siest Haslinda Amin, live for us as she mentioned at the milken asia summit. Right, lets get it to su keenan. She has your first word news. Su thank you, david. Lets start with japans key Consumer Price gauge. It hit the lowest level in two years. Speculation ofs, additional stimulants next october. Prices excluding fresh fruit of rose. 5 in august from a year earlier. Account it matched economists estimates. The key inflation gauge has not risen above 1 in years. It is expected to remain subdued in the coming months. A new report from the oecd meanwhile sees Global Growth slipping to its weakest in the decade. In a this as the escalating trade war pushes momentum towards lows last seen on the financial crisis. The organization is cutting almost all forecasts it made for months ago saying governments are not doing enough to prevent the longterm damage to the world economy. The oecd says protectionism is increasingly hurting confidence and investments. President trump is continuing his criticism of the fed chairman, jay powell, saying he is safer now, but Interest Rates should be lower. The fed cut rates for the second time since july but only by a quarterpoint which President Trump says is not enough, given other Central Banks have acted more aggressively. Trump told fox he is very disappointed with powell and he does not know how to play the game. Sticking with the federal reserve, the fed is to add liquidity to a vital corner of the funding markets for a fourth straight day on friday. This amid signs that the stress seen earlier in the week is rebuilding. The new york fed said it will once again inject as much as 75 billion to an overnight repo operation. That follows liquidity doses up the same size on thursday and wednesday, 3 billion on tuesday. Global news, 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. More than 120 countries. Im su keenan. This is bloomberg. Rishaad a busy week for central bankers. It is one where they can have a wellearned rest. Gearing up for a policy decision next week. Could it be the Central Bank Governor, benjamin diokno. Thats coming up next. This is bloomberg. If the economy does turn down, then a more extensive sequence of rate cuts could be appropriate. Some from an indian point of view, any cut in Interest Rates would need a better flows into emerging market. It is right to say we are more inclined to additional easing then at the last meeting. Investing is not the main concern about domestic Growth Prospects and fiscal risks. I think all Central Banks realize that if it prevails and it goes on and on, there are some negative effects over rates being negative. I do not think we would be looking at using negative rates. I dont think those will be at the top of the list. The boj has more room to ease than the ecb has. We will have a strategy if we use the ecb. Personally, she has no reason to change our inflation. Central bankers commenting on the futures of monetary policy. David all right. Next week, and a lot of centralbank physicians decisions, one of which the philippines is the most wide eating. Stay tuned for the annual milken asian summit. The reason i put those together is because has is with a very special guest. Right. A thats the man of the hour. Benjamin diokno. Central Bank Governor of the philippines. Hes been making headlines this morning. Good to have you with us. Benjamin thank you for having me. Haslinda you are making headlines because you say trump is the biggest risk to the global economy. If he gets a second term, that risk will persist. If he gets reelected, andill be more sensible have the right solution and get the problem solved. That is the other risk. If this problem persists after he has a second term. He will say look, i was voted because of that. Lets see. Haslinda it could get worse from here, is not what you are saying . Benjamin it could get worse. Haslinda but trump is the biggest risk. Benjamin yes. Case, i would like to point out that our monetary easing is of a different nature than what is happening globally. Increase my predecessor hic increased it by 175 basis points last year. Address the elevated inflation. Inflation reached a 6. 7 last year. Now, inflation is back to 1. 7. That is a sharp decline. Maybe byate is that our inflation of last september, it will be about 1. 4. That is the nature of our monetary easing. We have more space, we want to normalize it as soon as possible from 1. 7. Haslinda can i read into that . Does that mean we could expect a further 25 basis point cap next week cut next week . Can we expect it next week . Benjamin maybe. [laughter] haslinda thats not good enough. Benjamin the decision is not mine alone. There is a board and we discussed in debate. Haslinda inflation is the overriding sector. Benjamin of course. There are other factors like what is happening globally. That is of secondary importance. It is really inflation that makes a difference in our decision next week. Haslinda we saw how oil prices spiked. Pretty volatile now. How does that play out in your business . Benjamin i asked my staff to review the situation. If thelysis is that price reaches higher than 90 per barrel, we are still ok. We will be within our inflation target of 3 plus or 1 . Or minus 1 . Event of a full price increase, persistent for three months of 80 per barrel, we can up the cost. We are ok. We are prepared for that. Haslinda pretty comfortable. How does it translate to your projections for the year . Benjamin our growth projection this year, as you know, the first half was 5. 5 because of some delay in the budget. But there are there is a cutting plan and we are optimistic that we will hit 6 this year, and maybe six points ive 6. 5 next year. Haslinda what is the biggest risk to that projection . Benjamin right now, i dont see any risk. Haslinda you have talked about having a basis point cut in the rrr. Could you shed some light on the pace of the cut . How will you be doing that . 20s the ratio was 20 before. Then it was cut by my predecessor to 18 . Now when i came in, i promised 200 basis point cut over a period of three months. 100, 50, 50. We are looking at another 100 cut 100 basis points to come in as soon as possible. Could be coming next month, for november. Or november. I made a promise. This is part of the new central bank. We want to be transparent. We want to tell what is going on ahead of time. We wanted to be at Single Digits by 2023. That is the end of my term. Haslinda in terms of where it is now, are you comfortable with the level of it . Benjamin yes, very comfortable. As you know, we have a Floating Exchange rate to allow the special to be determined by market supply and demand conditions. We only intervene if there is a sharp increase or decrease to smoothen the influx. We have not intervened for a long time. We are very comfortable. The, right now, we have highest Gross International research at 86 billion. 7. 5 months of imports. The rule of them is three is good enough. Haslinda we are seeing how emerging markets, like the paso, like the indian ruby, are susceptible to the movements of the yuan. Given the yuan devaluation has been pretty stable and gradual, do you see any risks to the emergingmarket currencies . Is then no, the peso second most appreciated currency among countries in this part of the world. The behavior of the yuan does not bother us. We have an arrangement with china so there can be direct things between the yuan and peso. We dont have to rely on the dollar. We are doing the same thing for japan. Welinda one more question, are seeing how trade negotiations are going on in the u. S. How optimistic are you that a deal can come through . Benjamin well, there are discussions. I think they may come up with an agreement. But i think what is important is the nature of the agreement. Is it a substantial agreement or just a central agreement so that it can be looser for political purposes . After what has been done, it will take a while to unwind all the stops. There are some movements in china and the u. S. For their behavior. We dont know. Even in take about, november, it could take a while before they can unwind the process. Haslinda we will leave it there, governor benjamin diokno, coming to you live from the milken asia summit here in singapore. Back to you. David all right. Good stuff there. Have a look at the peso. Nothing has changed. 52. 21. It also comes to the equity market. We will flip it. It looks exactly the same. Lots more coming up. This is bloomberg. Lets get the latest business flash headlines. Launch,ade a phone superfast 5g and hightech cameras, but does not come with any license google apps. It is equipped with an open source version of the android os without access to placer apps. It is huaweis first launch since the access was blocked to u. S. Tech and components. David lion air is investigating a data breach that led to personal information of passengers on its malaysian antiaffiliates being leaked online. Its at its data was hosted on amazon web cloud for service and it is working with tech to find the problem. It says it does not store and you any passenger payment details. Rishaad one of the worlds best subways, could the hong kongs mtr be losing its shine . We are about dutch we will talk about how the signals are working there and the impact of the protests. Devices are like doorways that could allow hackers into your home. And like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. 10 29 a. M. Im su keenan with the first word headlines. We start with tensions rising once again with the u. S. Agreeing that the attack on aramco was a questionable he sponsored by iran . Anyan warns that retaliatory strike would be met by all out war. President trump remains noncommittal about any military action. Mike pompeo ended a short visit with talks in abu dhabi. I think it is abundantly clear, and there is an enormous consensus in the region that we know precisely who conducted these attacks. It was iran. I didnt hear anybody in the region who doubted that first single moment. Su to france. Now the country has repeated the impose retell a cherry tariffs on the United States if washington moves first in a dispute over aviation subsidies. In may, the two ruled the. E. U. Had illegally supported airbus. France says the u. S. Should understand that the e. U. Is ready to act. The new head of the federal Aviation Administration has tested the boeing 737 max 8 simulator to get up to speed on the controversy surrounding the agencys air certification two years ago. Steve dixon carried out a series of routine operations at a boeing plant in seattle ascites expects to he expects to conduct additional runs later. And sterling surged to its highest in two months on reports the European Commission president Jeanclaude Juncker s ays a brexit deal can repeat, can be reached by the end of october. Hes doing all he can to prevent a catastrophic no deal brexit. Meanwhile, after threeway days great britains top judges will rule next week on Boris Johnsons decision to suspend parliament. Global news 24 hours a day on air, at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. I am su keenan. This is bloomberg. Yvonne thanks. Hong kongs antigovernment protests are hitting trade, and economy and hurting the subway system. After months of political unrest, the mtr has become a target. Protesters have disrupted train services, lit fires outside stations in passenger numbers are down estimates the damage may reach 5 million u. S. Dollars. Trouble a train derailment, the first incident while carrying passengers earlier this week. An exclusive interview i spoke to the chairman about how all this is being tackled. I never knew or expected that mtr would become a target. All we have to do is put her head down and i hope the turbulence will not be too long. The good thing about mrt, even with my very short time there, i witnessed the togetherness. The teamwork. Of all the management team. As you can witness, every time our facilities had been damaged severely over the weekend, but by monday morning i think the services were back to normal. This is something i think is the spirit of mtr, that i Truly Treasure and respect, because everybody has to say, our job is to keep hong kong moving. Yvonne you have been taking heat from both sides. Chinese state media has said a compostas been in of protesters after you added more trains to accommodate the influx of passengers. If your trai changer strategies stations,those protesters are saying youre working with the government. Are you forced to take sides . Well, first of all, i have no interest in politics. I think whatever we are doing, i would say two things. First, i think every time when management came to me, to the board, and said this is what they are doing, the thing questions the three questions i made sure they answered is safety, the passengers, safety to our staff and safety to infrastructure. So whatever the decision they made, i think to me i said you had better make sure those are the three things that we consider. In terms of the political side of it, i have to say im not interested in politics. So how people view, our action is up to them. Yvonne have you seen passenger traffic come down since these protests began, even when youre operating normally . Theeah, i guess since movement, i call it, i think we have seen sort of a gradual decrease of people using the system a little bit. And for the following reasons. One, i guess when, once they go home, they may not have the mood to come out again even on the weekends because of all the protests happening in different places. People would prefer to stay home. Sort of a downng trend of people using the system, but again, i also want to mention that these mtr system on a daily basis moves millions of people. We are responsible for about 40 to 50 of public transport movement of the population in hong kong. We just continue to think about what can we do better to make sure that we continue to move the people around. Yvonne fitch recently cut your credit reading. Arating. Moodys downgrading you to negative. Mtrs dependence on the hong kong government. Does the political unrest forced you to diversify your risk of little bit and away from hong kong . How do you hedge your risks not . W . I think one thing i would emphasize is hong kong is home to mtr. We do have to continue to do our job to make sure we provide a good service. This is the core market that mtr has to be in. So, in spite of all a challenges, we will continue to work hard on it. Back to your comments about all of the rating, it is not good news to mtr for sure, but im just hopefuls situation hong kong will improve very soon. He hongt we mtr and t kong community can Work Together to get back to normal. Yvonne the mtr chairman. Take a look at their stock, 1 . Htly highgerer by fallen. Onths it has given the unrest in dealing with the violence either subway stations. But a lot of questions of how they diversify away from that risk. They do have a lot Revenue Streams outside of hong kong as well. They are also one of hong kongs biggest property developers. Rishaad that has to be subsidized the train fares. David which are quite cheap. Yesterday we were reading at the meeting, demand is not your usual. To some extent, even in a [indiscernible] im going to walk. But, yeah, how much do they get outside hong kong . Yvonne 2 3 of revenue comes from hong kong for thei. He says it does not impact their international strategy. They are trying to ride this out. He said i wish i have a crystal ball to tell you how bad it is going to get. Hes that he perhaps it will not be that bad as long as the protest stop soon. Rishaad part the analogy but the stock has been, the company and mayben the buses just got now the signal failure sorted out. Enough of that. Microsoft asia president pritikin that predicting that a. I. Will drive growth for the next decade. David this is bloomberg. Its asia is. And one topic and discussions that business and policy leaders that are gathering at the milton Institute Asia summit. David lets cross it over to Haslinda Amin at the event. Were talking to microsoft. Haslinda we are. Ralph haupter, the president of microsoft asia. About a. I. You had the likes of elon musk thing it is an existential threat to humankind. Really . Good to have you with us. The techa. I. Rock space. Inph we did a study here asia and it turns out the companys think a. I. Will double innovation activity. Thats and doubled productivit. Now we see in reality in Many Industries coming through. You go financial industry, 52 of companies in asia are using a. I. For solutions for you as a customer. Health care is also, we see great things coming there. Especially with markets which can scale. Going to india, making Health Care Available for everybody at scale. One i love is a hospital which is using a. I. Visual recognition for xrays. Quality is better, cost is down, scale is higher. This makes me excited using that stuff. Powersda how is growth and productivity but at what cost . Elon musk says it is an existential threat. So, are we people getting skilled fast enough . Is there a sense of urgency among companies to do that . Ralph first of all, i am very clear and very convinced that augmenting us and not replacing us. That is one of the confusions people have. The way we use technology and want to use, the themes using technologies are very clear. 60 of all Decision Makers think they need to reskill people, 85 . We are all clear on an agenda to reskill. I think the next 12 months, i think i need to have a responsibility to help more than 1000 people in our Government Entities be retrained. Take australian governments, take singapore government and india government. With all of them, they have programs to take care of reskilling, getting people access to technology. Haslinda can you quantify that commitment . Money amount is being invested . Ralph that numbers hard to part. I am taking more interest to go after the [indiscernible] we have a first number in australia. We trained 5000 people. For singapore, forgetting the first batch done with 3000 people. By the way, you can have it. Something that we call a. I. For business. You can have a great sunday morning, get a coffee, go online, go a. I. , a you get yourself trained. Haslinda im curious. I mean, this conference is being held against the backdrop of growing uncertainties, not just thee u. S. China trade war. Is that incentive and how companies are investing . Ralph in general, i would say, having global trade discussions are not healthy and is not great for economic thinking in general. Now, from a technology perspective, i have a lens which would Say Technology is best placed to be competitive best placed to focus on getting cost optimized. The best place to have local and global solutions. As much as im very much in the t like to of i don have trade discussions because i think it has impact on growth, i think the Technology Sector itself should be to go to rd,p Companies Going forwa Building Solutions that are bringing them to better places even in attention in these times. Haslinda that is a great selling point but in terms of anecdotal evidence, anything the your zynga companies are spending less . That you are seeing that companys are spending less . See spendingk we more on technology build and data. How to spend. So, if you think on how a. I. Is built, it is everything on the basis of data and cloud computing. There needs to be two spending patterns for everybody to really understand cloud as a scale and how to bring data to meaningful point. That is where we see is a company a lot of the spending coming. Then you have different flavors of that went. There is a whole industry connecting information to make better outputs for individuals. Very hard. Chains is supply is one of the Biggest Challenges company has. How to manage supply chains. We want to be great and having these platforms for our customers. Haslinda before trump came into the picture, companies and governments talked about i guess working together in the area of a. I. That is becoming increasingly difficult to cross borders. How do you see the development of a. I. Playing out . From ai think, technology perspective, there are a couple of components. Number one is, to me, if you look at the whole softer build kniind of technology to have a. I. As a starting point a lot of that is open source. A lot of that we see on the platform. So that is not bound to any boundaries and people are proud and actually very keen to share algorithms and technology to build a. I. Itself. Whichext phase is companies are using which technology to build their individual service. What does it bring to make the atm able to have facial recognition payment experience. Tot does a floor shop do have a handling machine to pick and place goods in the times of ecommerce which is high scale. But i think we are still having a technology being on a global scale. The piece that we will see more knowledge coming in and more guidance coming in is on real be residentick and and made available to companies. Haslinda all right. A work in progress. Ralph haupter, thank you so much. Microsoft asia president speaking from the milken asia summit in singapore. David good stuff, Haslinda Amin, live in singapore. Work in progress. India just an hour away from the open. How horrible it has been. It is in the bottom 10 globally this market the last month, the last three months, the chart shows are a lot of things. So, the close yesterday took us to a xsix month low. It also formed the death cross, 50 below the 200 day moving average. The other thing i want to point it alsos is snyntech, ended a technical correction. Usually not a bad sign. Flip the charts and have a look at the outflow story and india. The quarterly outflows we showed yesterday is now on track for dus biggest quarterly exocu of foreign money. Were looking at 5 billion for this quarter alone. 10 days left, and we are in october. Very quickly, have a look at this. This is probably the worst part of it all. Despite the sort of decline we have seen in this market, have a look at valuations. It is not as if it made the market very cheap. In fact when you look at your blended 12th month ratio, estimated p. E. , we are still one standard deviation from your historical mean. Trading at 16. 5 times earnings. Were no longer nea near your 20 levels. Cheap. Extreme, maybe not cheap. Hard to make the jump in have a look at this. 55 minister the lets see a friday is any better 55 minutes to the open. Lets see if friday is any better. We are in mumbai to caucus through to talk us through the 3 drop we have had so far. Give us good news. Well, the good news is we are looking at some positive commentary coming on from the rbi cheif. Rbi chief. He has suggested the possibility of further rate cuts. He says that the indian rupee is fairly valued and he is expecting it to move substantially. That said, your pointed out the various cycles weighing on the indian investor. As against that, we are also looking at domestic institutions buying into what Foreign Investors are sending. That has left retail out so far. The real question is can we expected retail to come back . You already pointed out that the valuations are still pretty high which could keep investors just a tad, away. For now, we are also keeping an eye on a little bit of recovery. All the indications the futures, lets wait and watch whether we do see a bounceback for Indian Markets now. David thank you so much for coming up we are talking climate change, making green supply green. Equally well take a look at issues surrounding the mining of lithium. This is bloomberg. Yvonne all this week we are joining 200 media organizations in the covering climate now initiative. Ahead of the summa beginning of september 24. Beginning of september 24. David the making of hightech batteries. The prices have fallen by 60 . Since their peak in 2017. The most efficient technologies can cut resources, resource use 42 60 to 100 and save about 4 billion leader liters of water annually. Rishaad lets get more on this and join our head of mining and metals. What is the environmental footprint of the lithium industry . This is soidea why important to make supply chains for Green Technologies green as well . So much of the growth has been driven in the lithium industry is coming from a new interest towards clean energy. It make sense in order for clean energy to be as clean, that its supply chains would have to look at reducing our environmental footprint. In terms of right now, one of the Biggest Challenges they face, the lithium Extraction Industry is the amount of water usage. Now about 73 of Global Lithium production occurs in some of the most water stressed regions of the world, particularly were talking about chile, china and australia. Then theres mainly two types of lithium resource production. From brine or hard rock. Currently brine is the more water intensive form of resource production in the lithium industry. Which Companies Operate assets that are the most water intensive now, and why is water intensity in particular a limitation on the growth of lithium production in the future . Sophie well, so, right now lithium is still a relatively new extractive industry. It will not consume as much resources, including water as maybe others. But, according to analysis, we looked at, for instance, the freshwater usage. Leadersnies like spm, and lithium production in chile. What we found was on a per tonnage lithium tonnage, their waters usage was roughly equal to the per tonnage of water intensity of copper production. Growpect lithium demand to by more than eight fold in the next 10 years. So, we do expect that this will the amounteventually of water will consumed will become a limitation on the industry. Rishaad emerging solutions. Tell us about that. Sophie so we recently did a report where we looked at 15 Different Companies that looked into this technology. Essentially there is a lot of different new ways to sort of both reduce the water usage as well as reduce overall costs. With of it comews different exchanges. You will have to use more electric energy. And theres different mines will have different considerations they need to take into account, but it is something we do want to highlight for the industry. Rishaad thanks very much. Bloomberg, the head of finance and metals, talking about lytham and making supply chains green as well is the product screen and the challenges facing things like lithium minerals. There we have it. This is hong kong, as we go to break. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Taylor i am taylor riggs in san francisco. This is bloomberg technology. Coming up, huawei announces its flagship 5g phone but it is missing googles services among a u. S. China trade war. Plus, big tech to washington. Facebook Ceo Mark Zuckerberg talks antitrust with senators over dinner. Meanwhile, the amazon ceo