Its about your dignity. Its about respect. Its about your place in the community. Its about being able to say honey, its going to be ok, and mean it. Ive never forgotten those lessons. Thats why my economic plan is all about jobs, dignity, respect, and community. Together, we can and will rebuild our economy. And when we do, well not only build that. Well build a better, with modern bridges, roads, highways, broadband, ports and airports is a new foundation for economic growth, with pipes that transport clean water to every committee, with 5 million new manufacturing and Technology Jobs so the future is made in america. With a Health Care System that lowers premiums, deductibles, drug prices by building on the Affordable Care act hes trying to rip away. With an Education System that trains are people for the best jobs of the 21st century. Theres not a single thing American Workers cant do. Adn and where cost doesnt prevent young people from going to college and student debt doesnt crush them when they get out. The childcare and eldercare system that makes it possible for parents to go to work and for the elderly to stay in their home with dignity. Immigration system that powers our economy and reflects our values, and with newly empowered labor unions. Theyre the ones that built the labor class. With equal pay for women, with rising wages you can raise a child on, a family on, and yes, were going to do more than praise our essential workers. Were finally going to pay them, pay them. We can and we will deal with climate change. Its not only a crisis, its an enormous opportunity, an opportunity for americans to lead the world in clean energy and create millions of good paying jobs in the process. And we can pay for these investments by ending loopholes unnecessary loopholes, and the president s 1. 3 trillion tax giveaway to the wealthiest 1 and the biggest most profitable corporations, some of which are not pay any tax at all. Do not pay any text at all. We dont need a tax code that rewards wealth more than it rewards work. Im not looking to punish anyone. Far from it. But its long past time the wealthiest people in the biggest corporations in this country pay their fair share. Social our seniors, security is a sacred obligation, a sacred promise made. They paid for. The current president is threatening to break that promise. Hes proposing to eliminate a tax that pays for half of Social Security without any way of making up for that lost revenue, resulting in cuts. I will not let that happen. Were your president , going to protect Social Security and medicare. You have my word. Voicesthe most powerful we hear in the country today is from our young people. Theyre speaking to the inequity and injustice growing up in america, economic injustice, racial injustice, environmental injustice. I hear their voices. If you listen, you can hear them too. Whether existential threat owed by climate change, the daily fear of being gunned down in school, or the inability to get started in your first job. It will be the work of the next president to restore the promise of america to everyone. And im not going to have to do alone, because ill have a great Vice President at my side, senator kamala harris. Shes a powerful voice for this nation. Her story is the american story. She knows about all the obstacles in the way of so many in our country, women, black women, black americans, south asian americans, immigrants, the left out and the left behind. But shes overcome every obstacle shes ever faced. No ones been tougher on the big banks and on the gun lobby. Calling been tougher in out the Current Administration for its extremism, his failure to follow the law, its failure to simply tell the truth. Both draw from our families. Thats where we get our strength. Kamala, itss doug and their families. For me, its jill and ours. After losing my first wife in that car accident, jill came into my life. She put our family back together. Shes an educator, a mom, a military mom, an unstoppable force. If she puts her mind to it, just get out of the way. Shes going to get it done. She was a great second lady and great shell make a first lady for this nation. She loves this country so much. And ill always have the strength that can only come from family. Hunter, ashley, all our grandchildren, my brothers, my sister, they give me courage. They lift me up. While hes no longer with us, bo inspires me every day. Bo served our nation in uniform. A year in iraq, a decorated iraqi war veteran. So, i take very personally and a profound responsibility to serving as commanderinchief. Ill be a president that will stand with our allies and friends and make it clear to our adversaries the days of cozying up to dictators is over. Under president biden, america will not turn a blind eye to russian bounties on the heads of american soldiers. Nor will i put up with foreign interference under our sacred democratic exercise, voting. Always stand for our values of human rights and dignity. Ill work in common purpose for more secure, peaceful, and prosperous world. History has thrust one more urgent task on us. L we be the generation that wipes out the stain of racism from its character . I believe were up to it. I believe were ready. Just a week ago yesterday was the third anniversary of events in charlottesville. Close your eyes. Remember what you saw in television. Remember seeing those neonazis and klansmen come out of the field with lighted torches, veins bulging, spewing the same antisemitic bile heard across s. Ope in the 1930 remember the violent clash that ensued. And remember what the president said when asked. He said there were very fine people on both sides. That was a wakeup call for us as a country. And for me, a call to action. At that moment, i knew id have to run. My father taught us that silence was complicity. I could never remain silent or complicit. We were in, i said the battle for the soul of this nation. And we are. You know, one of the most important conversations ive had this entire campaign was with someone who was much too young to vote. I met with sixyearold gianna floyd the day before her daddy, george floyd, was laid to rest. Shes an incredibly brave little girl. And ill never forget it when i leaned down to speak to her. She looked in my eyes and she said, and i quote, daddy changed the world. Daddy changed the world. Her words brody deeply in my heart. Maybe George Floyds murder was a breaking point. However its come to be, however its happened, americas ready, in johns words, to lay down the heavy burden of state at last. Work of rooting racism. Systemic American History tells us its been in our darkest moments weve made the greatest progress, that weve found the light. In this dark moment, i believe were poised to make great progress again, that we can find the light once more. Many people have heard me say this but i always believed you could define america in one word possibilities. The defining feature in america, everything is possible. That in america, everyone, and i mean everyone, should be given an opportunity to go as far as their dreams and their godgiven ability will take them. We can never lose that. In times as challenging as these, i believe theres only one way forward. As united americans, a united america, united in our pursuit of a more perfect union, united in our dreams of a Better Future for us and for our children. United in our determination to make the coming years bright. Are you ready . I believe we are. This is a great nation. Were a good and decent people. For the sake, four lords sake, this is the United States of america. Theres never been anything we havent been able to accomplish when weve done it together. An irish poet once wrote, history says dont hope on this side of the grave. But then, onceinalifetime, the long for tidal wave justice can rise up and hope in history rhyme. This is our moment to make hope and history rhyme, with passion and purpose. Let us begin, you and i together, one nation, under god, unite our love for america, united in our love for each other. For love is more powerful than hate. Hope is more powerful than fear. In light is more powerful than dark. This is our moment. This is our mission. Now history will be able to say that the end of this chapter of american darkness began here tonight, as love and hope and light join in the battle for the soul of the nation. And this is a battle we will win and well do it together. I promise you. Thank you and may god bless you and may god protect our troops. Good night. David we have been listening to joe biden accepting his nomination at the Democratic National convention, which concludes the convention as his wife comes out to give him a hug. And people are applauding as you, as it were on zoom, as it were. Is not known for stirring speeches. But about 25 minutes long. At the very beginning, he said this is a time of great peril, but also great possibilities. He said character, compassion, and decency are on the ballot. He went through the issues important to him if he were to assume the role of president of the United States, leading off with no covid19 going into jobs, climate, and security of the elderly. Still with us are rick davis and jeannie zana for some final thoughts. What was your reaction . Jeanne i dont know if ive ever seen joe biden quite as emotional as he was, and really pulling at the heartstrings and imploring people that he could bring back the lightness, bring back the hope to the american public. And i think to that extent, i was surprised by how effective i thought the speech was. I thought they also did a very good job of showing him up close, speaking in a very personal manner to the american public, and as you mentioned, talking about the four crises and ending on the issue that got him into this campaign, which was charlottesville and the president saying after the White Supremacists march that there were good people on both sides, which he said stirred him to run. And now, after all of that, in 50 years in public service, he has now wrapped up this nomination. It was quite a night. David he did set priorities. He said we have to address the thing we have to address before anything else, and that is the disease, saying well never get the economy back on track, we will get our lives back on track until we beat this virus, and really condemning, its fair to say, president for his handling, saying it didnt have to be this bad. Rick thats right. He was going to be the optimism to trumps pessimism, and the theme of the whole speech was light versus darkness. Finally, a backdrop that looked president ial in this convention. I thought the whole thing was staged very nicely and he was weber hearst. That speech well rehearsed. That speech was flawless. Anyone waiting to see, waiting to see if he tripped up, donald trump with his trigger finger, he will be disappointed because joe biden did a great job. Day one of his presidency is to get on getting this Covid Response done right, and he added his map National Mask mandate, which has dubious legal ramifications, but nonetheless he has a plan. I think that was the other thing. He also went after all of the advantages trump has over him. He talked about giving him security in their homes, so he was addressing some of the issues of law and order. He talked about jobs and building the economy, manufacturing. He wasnt going to cede anything to donald trump. He really went after the trump strength in addition to pushing his own advantages. And i would say even the targeting we talked about earlier who was he talking to . It was pretty clear tonight it was swing voters and disaffected republicans who make up a winning margin for him on top of what was likely to be a pretty fired up, credit basis. Democratic bases. David you actually get together physically as opposed to this virtual experience. Jeanne i dont think were going to know. Democrats had to move their convention because of covid. What were seeing on the screen now is something months ago, americans wouldnt have been familiar with. But celebrations of birthdays and now democratic conventions that are done social distance, which seemed quite familiar now. It is quite a moment to see this. And i do think that they may get something of a bump, but you can bet the president and his team are going to come back hard early next week and try to dampen whatever bump they get. David its interesting, as we leave here, if youre watching television, the bidens and harrises going to an outside public form, so there is a live crowd at the very tail end of this convention and theyre waving to the crowd, which is applauding them. Our thanks now to rick davis. Im sorry. Im told we should stay on. Were going to take this live . Oh, we have fireworks too. Theres fireworks in addition to the backdrop of a huge american flag, waving at the crowd. Theres a little spontaneity. So there a bit of a spectacle for people on the radio. It appears what looks like a drivein movie. For those of us old enough to remember that, a lot of people have come in their cars, leaning out of their cars, and applauding as fireworks exploded. Rick davis, how does that do for you . Does that warm the cockles of your heart . Rick absolutely. Ive done a lot of parking lot rallies in my time and this is a classic of americana. This is how concerts are held now, in walmart parking lots. This is how you go to a movie, in a parking lot. You sit in a pickup truck and you enjoy yourself in a socially distance fashion. And i think this is a great finish for this convention because weve been debating all week whether or not the impact of a Virtual Convention is something that was going to have a resident political bump for them resonant political bump for them. Heres some oldfashioned looking rallies. I hope we can see more of this during the campaign because i do think that this is what america sees as a political campaign. David completely right. I want to explain for people listening on the radio, its an oldfashioned rally with one difference. Both the president ial candidate and his wife have masks on. But are longdistance, nevertheless they have their masks on outside. They are setting the example, as we heard from the speech, he said one of the things he would do, everybody wear a mask. Jeanne a National Mask mandate, something the current president has not gone with. And i have to tell you, im reminded of ronald reagan. , forget about the words the picture matters more. This is quite a picture of america today, with the fireworks and the flags and the cars, everyone social distanced and masks, very excited to see the bidens and harrises. David is someone who staged this, i wonder if they saved this for the end for a reason, because its a surprise. Rick i do think its different. I think their thinking, how do i think they were thinking, how do we finish this off . There is no question the technology reigned supreme and it came off pretty much without a hitch. But i think theyve got to connect back into the pulse of america. By the way appropriating some of Donald Trumps tactics. He had a rally in pennsylvania. He didnt wear a mask, but probably half the crowd didnt wear a mask, but you can still have these events. You can still do them responsibly. And it takes leadership, like biden is doing right now. Im sure the last thing he would love to have a mask on, but its the prudent thing to do. David im sorry, go ahead please. Rick now the camera swings to someone who does not have a mask on. [laughter] david one of the things were all learning, zoom and things like that, all these cars around. Most of those appear to have emergency flashers on. There is a red flashing of light throughout. Rick i think that has a lot more to do with trying to create some enthusiasm and excitement than it does any kind of put dealer safety issue. David particular safety issue. David i think youre right. Is quite areally picture that the democrats have put on here. For anybody who thought this was going to be him in a room alone talking to himself, see him talking to his wife after, this has turned out to be quite a celebration they organized right outside in a safe distance. David there is only one showman in this race. Rick during the speech, we talked about what the moment would be, and its hard to produce a moment without a crowd and the energy it produces, but i would say, bidens speech especially during the National Security portion, when he talked about his son, bo, you can tell that was an emotional moment for him, and i think that probably connected as much as any other thing. Forget the issue forget whether or not he was talking about war and peace and commanderinchief issues. His touching faith in his son and his promise of his son as a uniformed military servicemen really came through. He projects a lot of empathy anyway, but i thought that was one of the high points, as a way for him to touch the public. David and we have seen that from joe biden before, when talking about bo, but certainly you sell that tonight, as his voice almost faltered. At the same time, there was a range of emotion because he also got angry when talking about Foreign Policy and standing up to dictators. Jeanne very strong language. I think the difficulty for donald trump here is that joe biden has really up to the anti. We had talked earlier up to the upped the ante. We had talked earlier about trump pushing him as a puppet of the left. You heard him reintroduce himself to the public, saying this is me. It is going to be very difficult now for donald trump to painting as if hes not there and hes just being used by the left. Right as they also painted him as feeble. Watch this speech hes going to bubble through it. They even invested in tv commercials to answer that. Well, joe biden blew a hole in that. David well said. As they leave the state with the flashing lights still there, ll. Re going to end, as we jeanne. Ngs to rick and tomorrow on balance of power,w ell have much more. Bloomberg markets asia is up next. This has been coverage. Im david westin and this is uber. This is bloomberg. Its 11 24 in hong kong. Im yvonne man. Welcome to bloomberg market asia. Haslinda and im Haslinda Amin in singapore. Lets get straight to the markets. We have asia in the positive, reversing yesterdays losses, tracking the gains in the u. S. The loss of Technology Drives sentiment with the nasdaq after a record, even though jobless claims rose to more than aluminum. We have the asia pac index up by 9 10 of 1 . The tech index here in asia, standard gains to about 1. 5 right now, recovering from an almost 3 umbel yesterday, with kia and samsung posting there were state since the cell of an march. March. Off in lets bring in our guest. Take us through the movements in the markets right now. Where did they go from here do they go from here . Hi, haslinda. See continued ups and downs in the markets. They are not upset accepted enable market. The uncertainty in a bull market. There are things to remember about what really has brought some markets to where we are. Way, andery is on the we are not going back to the recession. Remain. Rating will we had some of the jobless claims in the u. S. That means haslinda we have to leave it there. Still ahead this hour, we have an interview coming up. Keeping here with keep it here with us. This is bloomberg. Hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Yvonne haslinda welcome back to Bloomberg Markets asia. Lets do a check on markets. We have asia in positive territory, reversing the most in losses, which we saw yesterday, tech front and center. It remains a tech story. Koreas trade data showing an ease. Selloff, upa deep by 2 , foreigners dumping local stocks the most. He nikkei 225 up yearcpi unchanged for the at 0. 1 . Looking at dollaryen, we have yen heading for its biggest weekly rally amid dollar weakness. Of five may test one levels and yields may drive currency moves. Taking a look at some of the , salestoday, alibaba up growth back to prepandemic levels, profit better than expected. In focus today, down 5 , currently surging by 9 . Speaking of suncor, reported for your cash profit, down 33 from a year earlier, but still beating estimates. The operating environment remains highly uncertain due to covid19 and the related economic impacts. The Group Released its fouryear million dollars. Joining us live from brisbane is steve johnson. Steve, good to have you with us. We have the covid front and center. You say the impact lightly likely broadly mutual. Are you expecting any immediate impact, more mediumterm in terms of insurance cover . What are you looking at . Steve its very hard to tell. I mean, the outlook is very uncertain. This is primarily a Health Crisis flowing through, economically. The foundations of our business remain strong. What weve done is build a very strong balance sheet, make sure we got the right amount of capital and funding and liquidity so we can contemplate any set of scenarios. Weve got great provisions in terms of our business. We built weve seen how covid is a real opportunity to transform a business and be very robust into the future. Just wondering how much clarity you have for suncorp because estimates suggest Earnings Growth are just 2. 4 in the next one to three years versus an Industry Growth of 16 . Whats your take on that . Steve i think weve got a great opportunity. Weve built the foundations of our business now. We know customers want to interact with us digitally and that provides a great opportunity for us. Weve got digital capability on the banking side. We need to continue to leverage that. Weve got all the core skills in our organization and the more that we can Service Customers digitally, the more we grow revenues. We bring other costs to serve, and that will make your business more efficient and draw more earnings capability through the group. Steve, what does this mean for claims . Do you think that claims will remain on the rise given the fact that youve seen a landlord insurance . Im wondering how thats going on now that youve seen people, having to cover for rent as well. Or do you think that claims a picture is to manageable given that its been offset by a few motor claims . Steve i think thats the case. I think we saw a neutral outcome from covid type activities on the client side. I expect that to be the same in fy 21. There is uncertainty around Business Interruption to our claims and landward claims. Landlords,s that the tenants will work out agreements Going Forward and we wont see a Massive Action once the government moratoriums come off. But again, frequency will go up and down depending on the level of restrictions that are in the economy. Ad i would consider, broadly, similar sort of outcome for fy 20. Premiums, weve seen some prices have increased in some of your products as well. But theres been an offset of a temper he declined in new business, as well. Do you think premiums are going to stay flat . What projections are you seeing for 2020 and 2021 now . Steve yeah, i think the trajectory on premiums is dictated in australia by the significant increase in frequency and severity of natural hazards. You wouldve seen that to the bushfires. What thats done is draw up the cost of reinsurance. So when those increases go through significantly across all reinsurers, we have to reflect that in premiums. Home owners the side, expect premiums to rise even the increased cost of insurance. And on motor, it will be a mixed bag because youre seeing frequency fall away, severity pick up a bit in a lower accident type environment. And cars are becoming more technologically capable, but equally becoming more costly to repair. Theres more technology in them today than five years ago. There will be a mix of factors but premiums track up alongside the underlying inflation from those portfolios. Haslinda steve, theres been so much speculation that suncorp is selling its banking operations. Idea, butback on the why maintain the banking operations when the outlook is not looking to brave with rates at record lows with the possibility of raising bad loans. Right. Yeah, youre every six months there is a round of speculation about our bank. Its a good regional bank. It earns a plus rating, then a part of our group, so it has huge capital that if it. Weve got plenty of opportunity. Capitalizing is on on the opportunity and growing organically. Being distracted by other activity. We think theres a great opportunity for us to do that in the next two or three years. You have a new banking ceo. What changes, what shifts can we expect . Steve i think its more getting the Business Done as per the discussion 12 months ago, which is we needed to do better in our higher lending. We needed to do a job of our brokers. Market and high weve got around 8 share when the major banks have got in 2015 and 2020. Continue to leverage our digital capability. We need to capitalize on that. Ive been banking. The new Regulatory Environment is a great opportunity for banks. Theres a laundry list of activity the bank ceo has to undertake. Hes a capable executive. We were able to get him from the commonwealth bank. Im confident hes got the right program to really grow that organic capability within our banking business. I just want to pick up under return for equity. Right now, its about a. 2 versus 11 8. 2 versus 11 on the industry. What are you doing to boost the companys earnings . Steve absolutely, thats the absolute area to focus on. Is toere driving on deliver in terms of equity. Because thats creating shareholder valuing when youre doing that. By definition, youre not january shareholder value generating shareholder value. Weve got to continue to focus on making a business more efficient and servicing more of their customers through digital. Thats the pathway. Returns above the cost of capital, which is about 9. 5 , 10 . Weve got a fair way to go, but it will work over the next two years. Yvonne and steve, you also listed your 2021 National Hazard allowance to 950 million aussie dollars. Weve seen the National Disasters last year, weve seen a notable pickup in claims on that front. At the time, you called for this nationwide call for climate change, for disaster resilience. How much progress has been made so far . Steve look, not enough. I think my arguments today sort of build on arguments i made six months ago. We have a great opportunity in this country, particularly through the prism of economic recovery, to have a Fiscal Stimulus Program that is nationbuilding. But its lined up very much around building the resilience of our communities. We shouldnt be, as an Insurance Company and a government, cleaning up all the time. Investors, community infrastructure, whether dams or levy banks or incentives for people to put better quality on their houses, whether removing taxes and charges from insurance policies and products, all of these need to be on the table because they are both nationbuilding, improving resilience, but they will also create jobs and economic output. And in your climate update that was released today, it was interesting to note that suncorp, you guys are going to under rise finance and oil and gas projects and phasing out underwriting by 2025. Do you view that gas is not a transition fuel . Or are we transitioned to a low carbon world . Steve yeah, look, we of the are supportive of the pairs agreements. And again, were making a principled and forthright stand on mitigation. So to have full pet ability in that process credibility in the process, we have to make sure we have it in place, and all the activity in the right order. We spent a lot of time in underwriting, air investment policies, and having responsible investment programs. The other point i would make is oil and gas are not part of the underwriting program, 0. 1 of underwriting in those sectors. This probably a pragmatic decision. We dont underwrite in those areas and Going Forward, we arent going to be doing that. Its not in our risk appetite. Thanks for your insight, Steve Johnston there. Now for the first word headlines. Joe biden has accepted democratic president ial nomination, them into and what he calls a period of darkness for america. In the most important moment of his political career, he encouraged voters to send him to the white house in place of President Trump. The president told supporters that biden would be their worst were he to win the election in november. Its with great honor and humility i accept this nomination for president of the United States of america. Chinas delayed phase i trade talks will happen soon after President Trump postpone a review at the weekend. Tensions between beijing and washington contending to rise over trade, human rights, and hong kong. The Ministry Says they will be in touch. The president said he killed the plan we can review because hes unhappy with chinas handling of the coronavirus pandemic. Inflation remains at zero for the second month, even as the economy starts to reopen following the coronavirus emergency. Cpi was unchanged in july from a month earlier. Economists forecast a gain of 10th of 1 . The reading adds pressure on the bank of japan and concern prices may struggle to rise after the countrys strongest inflation on record. Global coronavirus cases continue to rise, but there are indications the rate may be slowing in the u. S. Hospitalizations in california fell to the lowest since june, with nationwide infections at 5. 5 million. Worldwide fatalities are approaching 800,000, with it expected to affect the whole economy. The irs says lower unemployment could persist. North Korean Leader kim jongun is promoting his sister as he wants the economy faces major challenges. He told Party Leaders that the country faces unexpected threats in a range of areas and development has been seriously delayed. Charged withbe and relations of south korea and the u. S. As they tackle sanctions, flooding, and the coronavirus pandemic. And still to come, alibabas Revenue Growth returns to levels not seen since the pandemic. Well discuss whether chinese consumption is recovering quickly. Stay with us. This is bloomberg. Yvonne alibaba First Quarter revenue beat the most bullish estimates, proving business has fully recovered to prepandemic levels. Lets unpack the Earnings Report with senior internet analyst, joining us right now. Can you tell us what really stood out to you . What were the biggest Growth Drivers this time around . I think domestic commerce grew very strongly. Part of that is pentup consumer demand as demand shifts from First Quarter to second quarter. Part of it is due to hyper dissipation in promotions such as to catch up with lost fills. The other thing is Company Sales were strong for them. I think thats driven by the accelerated Digital Adoption of businesses driven by the virus. Growth in the core ecommerce business, though, you could say was pretty subdued. Do you think the threats to alibabas business are actually greater externally, with what weve been seeing in the u. S. , or more so within china, given that youre seeing the likes of jv really eat their lunch into some of the higher segments . Then youve got ppd on the low end. Yeah, sure, i think the competitive intensity is a clearly rising, especially after the pandemic, with multiple platforms trying to grab attention of the same pool of consumers. But alibaba being a very comprehensive platform, offers ecommerce services, really, that captures everything from Small Businesses and to solutions on payments. So, the Customer Experience that they offer really is a lot more complete with them then perhaps the likes can offer. So are you then saying that alibaba can continue to lead . I mean, its not going to discount routes. Is not going to subsidize routes. What exactly is the strategy . Sure, the company has a very strong ecosystem. The top commerce business, it also has infrastructure businesses in the form of computing, in the form of mobile payments, which is captured in the subsidiary group. It also has a message of Digital Entertainment business, video, music, and games. And all these businesses within this ecosystem can be cross leveraged to not only just profile the consumer, but also sell to the consumer in ways smaller ecommerce platforms cannot. Course, today,f we had a scoop by Bloomberg News that jack mas end to the ip owing. Given us an update to the success and what you think it will be. Yeah, the number thats being floated today, 225 billion of potential valuation is slightly higher than the previous number, which is 200 billion. I think thats positive news for alibaba. They own a third of and group and it translates to about 75 billion in value for alibaba, more than 2 of market capitalization. The ipo capital is going to be very successful. It will help to crystallize value for alibaba. More portly, it allows only more importantly, it allows alibaba forward with growing technology and payments. Isancial and group contribute in two alibabas profits contributing to alibabas profits. Haslinda thank you so much for that. Still to come, bloombergs on howation with a ceo he never gets tensions with china and involving immigrating policies around the world. Keep it here with us. This is bloomberg. You know, its a business by affecting business policies, as well as the pandemic. The ceo spoke to bloomberg about therere navigating navigating theyre now getting the tensions. Salil the focus has been in businesses in the u. S. , which is 60 of our business. The market, which is 25 of our business. And then the rest of the world comprising different parts with australia being a significant part. We had a Small Business in china where we work with Chinese Private enterprises, essentially companies that are growing up in the tech space. And then some Global Companies that operate in china. So at this stage, our business really works carefully within the guidelines, government regulations. Do you have any hopes for United States, which is part of your Large Revenue base for what policymaking could be made to sustain your business better . What would make in business with the u. S. Early easier, critically those employees that are here on the ground . Salil sure, what i see is the change in technology and the continued change that u. S. Companies have in their mindset to leverage technology. And what we see more and more Global Companies centered in europe doing, as well, is whats driving our business. Of course, theres other policy dimensions. But the primary activity that drives the change is this technology innovation. Our Digital Business today in the First Quarter, drew a 25 . Thats really where the greatest impact is on the work that we do, on the cloud, in cyber security, on iop. These are the types of changes we benefit from in the u. S. Of course, there are other dimensions, as you mentioned, on policy. They dont have the biggest impact today because of the technology trials. Caroline and talk about how you senior role as a Technology Leader change in the pandemic. Youves news, of course, been embracing publicprivate partnerships in the United States to help launch Contact Tracing applications, for example. Is that something you see yourself doing more of . Technologyffer platform and capability to some of the states were working closely with to make sure that if they want to launch any of these within their support, their tracking, their handling of the Covid Response, were there for that. One of the responses is in rhode island, where we work closely with the government and ensure the Technology Platform was leveled and make sure that they could address the needs of handling covid within this thing. So were ready for that. Were working with other states to make sure other jurisdictions, as well, weve done quite a bit of work in supporting communities in the area, and the u. K. , and starting to do more of this across the asiapacific, as well. Salil speaking exclusively with caroline hyde. Lets look at where india is right now, lined with the rest of the region after the 1 slump yesterday, the power grid among the biggest gainers. Extending cautious about the recent surge in inflation. Well stick with the start for as long as necessary. Yeah, looks as though we could be ending the week slightly to the green or pretty much flat from where we started off this week after we saw two weeks of gains. We saw the text selloff recovering quite a bit. You see benchmarks like the kospi and the taiwan index today that are recovering and recouping some of those losses, albia not completely at this point. We do see the likes of dollar weakness softer again for the greenbacks. That is helping the rest of asia fx today, as well, has. Well, that is it for this edition of Bloomberg Markets asia. Next up, daybreak middle east is next. Keep it here with us. Have a great weekend. This is bloomberg. The following is a paid program. The opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. Narrator the following is a paid advertisement for time lifes music collection. A i love how your eyes glow whenever you kiss me and when im awake a narrator did you remember your first date . She wore blue velvet a slow dancing, and that very first kiss