Paying more than 1 billion australian to settle a Money Laundering allegation, the largest corporate find never levied in australia. Tiktok drama turns another page, owner bytedance asking a judge to halt the ban in america, Chinese State media slamming u. S. Dirty trip u. S. 30 tricks. We heard from larry kudlow in the last few minutes, downplaying expectations we will be getting any more fiscal stimulus through the pipeline, larry kudlow saying he doesnt think the u. S. Needs another stimulus package and that they will be doing targeted measures only and need to be smart about this measures. This comes after course of fed officials, including chair powell, saying there is a long way to go for the economic rebound, we heard from several others, all saying there is further need of more fiscal stimulus to do that heavy lifting. And that comes after congress ended its pursuit of a bipartisan spending bill and are now focused on replacing Ruth Bader Ginsburg on the supreme expected thisinee weekend. S and p futures are contracting of. 3 when a drop it comes to nasdaq 100 futures. The nikkei erasing earlier gains and now trading flat as we get yen weakness benefiting from the rally overnight. Sydney futures down 1 . We are watching westpac after the bank said it would be paying 1. 3 billion australian for breach of antiMoney Laundering laws, and watching kiwi stocks. We have trade data for new zealand premuch in line with expectations in the last hour. And we heard yesterday they would be leaving policy unchanged but introducing new stimulus tools potentially is a precursor to negative rates next year. Selloffhe global continues as fed chair jay powell and others worn more stimulus is needed to lift u. S. Economy from recession. Joining us to discuss how all of this is affecting is Jaguar Growth Partners ceo garry r. Garrabrant. Great to have you with us. It seems the markets are pricing and the potential that we could not see another round of stimulus in the u. S. If that were to happen, if we go into the u. S. Election without another stimulus package, where are we going to see the biggest impact in the markets . Garry thank you, very much. I appreciate the opportunity to get together with you. We are in a very interesting time, because the economic weakness has not been reflected in Public Markets. Of ruthreplacement Bader Ginsburg in the absence of stimulus in the u. S. Ruth Bader Ginsburg and the absence of stimulus in the u. S. Are now seen as triggers. There is only a handful of companies that have driven Public Market games. On the private side, it has been much weaker. And we expect that to continue bothe next 1218 months, developed and developing our kits. Shery as we see that, we continue to see this flight to safe haven. The gtv chart on the bloomberg showing the dollar climbing, but still having room to climb even further. What does this mean in terms of emergingmarket assets . Business is fundamentally focused on growth, growth markets, developing markets, latin america and asia. This equates to focusing on sectors that are durable, focusing on sectors like Warehouse Distribution and logistics, cool and cold storage , multifamily rental housing, things that are very simple, straightforward. Nothing too complex. Markets, i would say a headline would become of the growth of the middle class has slowed, if not stopped, and with that, intended consumerism. And that for 20 plus years has been an area where we have focused and that affected haidi how bullish focused bash where we have folk paul are you more encouraged by growth in china, given they are first in first out with the pandemic . Garry yes, definitely we are bullish. ,hina has done a terrific job it is a different culture but it is a more respectful of Authority Culture and client culture, than the u. S. By contrast. And china is poised domestically through local demand to drive businesses like the ones i referenced. Ecommerce is thriving in china. That has nothing to do with manufacturing for expert manufacturing for export. Haidi how does that lend they shined to the rest of the emergingmarket complex . If something happens next year, that potentially the fed rates upwards before the 2 inflation target is hit, what is the effect on the u. S. Dollar and your expectations on whether the same bullishness will continue . Do you have to be more selective . Garry absolutely. Is the key word. We think of asia as a right light, as a bright china and hong kong within that bright light, the most durable sectors of business and property hashose markets, and that grown out with the movement of Institutional Capital which continues to support activity in durable sectors, warehouse, andstics, etc. , in first secondtier cities in china. Haidi Jaguar Growth Partners ceo Jaguar Growth Partners Jaguar Growth Partners ceo garry r. Garrabrant, thank you. Ising up, the latest on what shipping up to be the worlds biggest sale. Also, bytedance negotiations for the oracle deal continue. This is bloomberg. Is daybreak asia, im Karina Mitchell with first word headlines. A grand jury in kentucky indicted one policeman in the killing of Breonna Taylor, declined to file murder charges against anyone involved. Ison is brett hank no drugs were found and it was the wrong arrest. Warning government is of a brexit worstcase scenario if the two sides failed to reach a trade deal. A cabinet minister said crossings between dover and calais will be cut by as much as 80 if operators are not prepared for new border control. A 1. 3 billiony australian find to settle austrias biggest breach of Money Laundering laws. The find is the largest ever against an Australian Company and is more than westpac set aside for any potential penalty. It is more than commonwealth k paid for its own bridges its own breaches. Alibaba founder jack ma has lost his title as the wealthiest person in china. The tech company suffered massive losses. He has been usurped by another tycoon. By moreune has soared than 50 billion this year. Global news, 24 hours a day, on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. Tiktoks chinese owner is asking a federal judge to temporarily block the Trump Administration from removing it from u. S. App stores. However, one says the case may have already been called. Tom mackenzie joins us from beijing. What was bytedance hoping to achieve . Tom it is a bit of a hail mary from bytedance. They face a weakened deadline where they have to either get u. S. Operations approved, or their app will be removed from app stores in the u. S. Around u. S. Operations, we know the deal discussions around the proposed partnership between oracle and walmart faces a lot of uncertainty. They filed the injunction to try to ensure the app is not removed this weekend. They say the executive order signed by trump august 6 around National Security concerns was an overreach, essentially, over and exceeding the necessary requirements. They say it will cause irreparable harm to the business, and that damages their First Amendment rights. We will see what happens. We are expecting the case will be heard today in the u. S. Going back to the proposed tie up with oracle, that remains certainly very uncertain. We are still waiting for the government to review the deal and china has to give its green light as well. Shery what is beijing saying on the tiktok deal . Tom there has certainly been a change of tone in beijing. We have the china daily publishing an opinion piece which i can show you here, which really takes aim at this deal, criticizing it very happily indeed and saying the proposed tiktok deal is a dirty, underhanded trick by the United States, accusing the u. S. Of gangsterism. The change in tone, apparently linked to comments from President Trump, saying ultimately u. S. Companies, oracle, would have to have majority ownership of tiktok global, this planned change up for tiktok in the u. S. , if he gives that the sign off. He has socalled given it his blessing, but decided off finally, he says u. S. Corporations need to have ownership. Currently you have oracle and walmart investing in taking a 20 state. Held byrithm would be bytedance, the owner of tiktok, which would continue to have majority control. Trump doesnt like that. China found that about palatable, but now trump says he wants u. S. Company to have majority ownership, and china is pushing back very hard. Folks we have been speaking to simply say, beijing doesnt want to lose face, they dont want to pressurebending to from the United States and seeing one of their most sexual one of their most Successful Tech Companies being gouged u. S. ,pressure by the particularly as competition between the two sides is expected to heat up further from here. Shery markets, anchor Tom Mackenzie in beijing. , and even split with shanghai and hong kong, details coming up. This is bloomberg. Financial may buck the trend in hong kong and list they are without the corner store cornerstone investor. Demand for the 17. 5 billion portion of in hong kong on the ipo will be strong enough, we are joined from hong kong by our chief north Asian Correspondent Stephen Engle. Steve, what do we know . Stephen people are telling Bloomberg News that could be seeking 35 billion dollars ipo, dilute listing between hong kong and shanghai. Ofre could be evaluation 250 billion u. S. , and the 35 billion dollar ipo, if Market Conditions are right, we are hearing they could be listing by as early as next october, so within a few weeks that would pass. The saudi aramco recordbreaking so within aipo few weeks that would surpass the saudi aramco record making 29 billion ipo. People familiar with the situation say investor demand and, institutional individual, the retail trends, that they dont necessarily need cornerstone investors. They will save those though, and invite those to the shanghai ipo,on of the evenly split 17 point 5 billion each for hong kong and shanghai. Why shanghai . Cornerstone investors could offer price stability in the shanghai mainland a share market. It is more common in hong kong to have cornerstone investors. They help bring stability and credibility to ipos, but also have been criticized for stepping up a lot of liquidity in the markets. We will have to see how that plays out. But right now, a 250 billion market cap would put this one at about double citigroup and more. It would top bank of america. Among u. S. Banks, only j. P. Morgan chase would have a bigger market capitalization. Haidi alibaba, interesting time, jack mott losing his title as chinas richest man. You can imagine he might gain it pretty quickly after the ipo. Stephen there has been a tech swoon, so alibaba shares have gone down a little, he has lost a little luster, but he is still worth 56. 7 billion. But what we have seen is a complete rocket of his rival, the founder of nobu spring, the bottled water company. He has rocketed to chinas wealthiest man with a valuation point 7 billion on wednesday, yesterday, to billion dollars more than jack ma. Known as a lone wolf, and is number 17 worldwide, not bad for a bottled water maker. Haidi bottled water and vaccine in hongStephen Engle kong. Nsurer swd has big plans for Hong Kong Ipo that could raise 3 billion. Stanleysachs, morgan and hsbc will work on the potential share sale which could take place next year. Biggest insurer in asia since 2015. Wework is selling a majority stake in its operation. 200 Million Dollars 200 billion has been put up for more than half of the business. The company will continue to receive a service fee for its brand and services. Jp morgan moving more than 200 lean dollars from london to frankfurt as the result of brexit preparations, making it one of the largest banks in germany. The assets represent just under 10 of jp morgans total Balance Sheet and is a most half of the total sum held by foreign banks in germany. They are bracing in case eu banks lose. Jp morgan is poised to pay almost 1 billion to resolve market manipulation investigations by u. S. Authorities in trading of Metal Securities and treasury futures. The potential settlement could be announced this week. The deal would end investigations between the commodities investigation commissions and the sec. Doha america is seeking to go beyond investmentgrade financing and target the market fedjunk bonds as the pledges lower rates longer. Earlier, we spoke to the head of banking about targeted expansion of the lending business. Historically, we have been known for our lending and investmentgrade capabilities, a process of investing a growing and gaining market share, equities not investmentgrade and advisory. And doing it all with the support of our parent company, which has been incredibly supportive. Inrance of my strategy terms of my strategy, to constituents, one is my clients and the second is our employees. For our clients, it was about stepping up, having their back, and supporting them in challenging times but also providing them with solutions. Spades during the early days of the pandemic. We stepped up to support them with our Balance Sheet. And now, having the opportunity a moreack and try to be integrated, holistic solution provider. For our employees, it is about being an employer of choice. That is really important. Because any talk about creating a career path or providing opportunities, today, given the the backdropgiven in our society, it is about our employees being given a voice as well and having our employees shape the organization over the future. Because weo do this have the right Institutional Culture to do so. , youen you think of mizuho dont think of them as a top 10 m a bank in the u. S. Is it important to really be there when the debt part of the equation comes to the four . Fore . Es to the always been about our Balance Sheet, figuring out your we have strength in terms of content, where we are able to offer clients that type of advice, so we are surgically and strategically looking to help leading strategies across industry. You mentioned noninvestmentgrade is one area to really gain some share and support clients. We have seen the fed supports markets around the world, to what extent can those riskier parts of the market continued to be sustained . Thats been difficult som difficult for some of the more risky parts to come back. Below are talking about triple b all the way to junkbond era tory junkbond territory. We as an institution have leaned in with investmentgrade, but we do have the appetite and need for opportunity, to step in and support both corporate as well as financial sponsors as they are looking to deploy their cash balances. Corporate is sitting on significant cash balances and are short of the extra liquidity, particularly during the pandemic. So financial sponsors that have been raising significant funds, aboutime i looked it was 1. 5 trillion of dry powder. And the costs are still very low. When you think about noninvestmentgrade market, we have all seen the investmentgrade market reach a record level this year, i think 1. 4 trillion of investmentgrade issuance. Marketinvestment grade has really been a tale of two cities. The bond market has been apt by 75 bond market has been andd by 75 yearoveryear, the rest of the market is down. The reason is the dearth of traditional lpos. Shery that was the head of haidi that was the head of banking at mizuho security. Markets, u. S. Stocks resumed their slump in the overnight session. We are set for declines in asia, with futures in the red end kiwi stocks trading in the cash session down by. 4 as well. Of fed officials calling for more stimulus and in the last halfhour, we heard from trump Economic Advisor larry kudlow pushing back on that notion, saying braunbased stimulus is not needed, and more targeted measures, if anything, will happen. We are seeing futures in japan and hong kong trading. Coming up, exclusive interview with former secretary of state Hillary Clinton on the rush to replace rbg. This is bloomberg. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Westpac banking has agreed to pay a record 920 million to settle the london i Money Laundering case and austria, more than the bank set aside. Lets get details from our asia investing editor. What led to the increase . Peter in the announcement today, westpac said it admitted to further contraventions, or additional contraventions of the antiMoney Laundering laws. It looks like they have admitted act donng done adequate Due Diligence of correspondent banks, and also not having in place the compliant antiMoney Laundering law program. Those were issues the banks that issues the bank had resisted in earlier negotiatings with the financial crimes regulator. And on top of that, they were thereecent months were also in recent months additional breaches of Money Laundering laws into 260 accounts that flag attention as well. All those things added up and looks like it is the reason behind the fact that the settlement is now 1. 3 billion, whereas westpac had set aside about 900 Million Dollars. Shery this has been an almost a yearlong cycle. How damaging is this for the bank . Enormouslyeen a norma damaging for the bank. ,e saw the departure of the ceo and that was really under intense pressure from westpacs theest shareholders and australian pension fund, for executives to be held accountable for this. This has been just dripping bad news for the bank over the last year. There has been a bit of an executive clear out as well. Shares, although part of that is due to the effect of the covid19 pandemic, the shares have declined. They had to put in place a new ceo. There has been a number of probes into the bank number all ofes into the bank, which have been damming. It has a lot of work to do to restore its reputation. The steady drip of bad news, the narrative of banks theving badly, what is future looking like for westpac and other big lenders . Any expectations we could see a new page . Well, westpac has a lot of work to do to restore its reputation. In this comes back to the banks i think saw the opportunity to do things like mortgage holidays and really help out Small Businesses and stuff like that, as a chance to reset the narrative after the royal reaches. Lingerse issues still and we know that National Australian bank has still reported potential breaches of antiMoney Laundering laws to the financial crimes regulator. Means we have this really big case off the board, that is the next shoe we are waiting to drop. Shery peter perko joining us from sydney. U. S. Futures are accelerating losses, down went 5 after we saw stocks slumping to an eightweek low in the regular session, volume also below this coming after white house advisor larry kudlow says he doesnt think we need another broad stimulus package, despite the fact a parade of fed officials have been saying this stimulus is crucial for the American Economy to recover. Lets get to first word headlines with Karina Mitchell. Fell to anl street eightweek low as investors fear a new stimulus package may not be on the horizon. S p 500 Index Futures are opening flat after what many investors see is a Market Correction and investors losing faith in the u. S. Recovery. The white house is playing down calls for a broad rush program Jerome Powell and fed officials are seeking. Targetedle, efficient, measures might be very helpful. I dont think we needed other gigantic, multitrillion dollar package. Looks for more upheaval as an Opposition Leader says he has work to form a government. The Prime Minister rejects that. Malaysia has been has been in turmoil since the government collapsed in february. The coalition is only a small majority in government. Antigovernment protesters in thailand are expected to rally again thursday as lawmakers make us below amendments to the constitution. Parliament will vote on proposals to review the military constitution. Thousands of investigators gathered in bangkok over the weekend to scrap the army appointed senate. And President Trump says the Supreme Court will decide the outcome of the president ial election, adding the senate should approve his nominee to succeed Ruth Bader Ginsburg to break any potential ties. He said it is vital to have nine justices in case the result is more political than it should be. The president is to announce his pick on saturday. Global news, 24 hours a day, on air and on quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. Former secretary of state Hillary Clinton says the republican rush to fill Ruth Bader Ginsburgs seat on the Supreme Court could spell the end of the Affordable Care act, obamacare. Spoke a trailblazer. She set out the legal thinking that led to a lot of the breakthrough decisions, which really did change our world. It is hard, i think, for younger people to even imagine, but when i was a young woman, i wasnt eligible for credit or credit card or mortgage. It didnt matter how much money i made. I was absolutely prohibited because i was a woman. Changes thats of everybody now adjusts now just assumes have been around attributed toe the decadeslong effort that ruth began, to knock down barriers for women equality. But more than that, for quality and inclusivity across the board. Nowre most fervent wish, we know come made we now know, made from her deathbed to her grand daughter, was that she not be replaced until a new president is elected. We know that is not going to happen. Where does this all go now . Is it up to the American People in the election . She wasy clinton offering her measured opinion that it would be in the interests of our country and most certainly in the interest of the court, so close to an election, to allow the election to go forward. And then whoever was elected would be able to choose the next justice. I really respect that. I understand it is not going to be honored. Left with what will be a very unfortunate toplay of partisan power push through whoever the president nominates. American people will Pay Attention to is not the partisanship and conflict in the senate, but what is at stake for them. Because one thing about ruth nader ginsberg, Ruth Bader Ginsburg, she never lost sight of the impactor decisions out on people she represented as a lawyer, or people involved in the cases she adjudicated as a judge. It is absolutely clear that what is really at stake in this choice is health care. Scheduled to hear yet another challenge to the Affordable Care act right after the election. Whoever isly, appointed can participate in some way in that decision. And it really speaks to the fervent desire of republicans under trump and mcconnell to get rid of the Affordable Care act in the middle of a pandemic that has cost us more than 200,000 lives. And having this seat filled right now, as opposed to waiting until we know who the president endcould very well mean the of the Affordable Care act and the loss of health care for millions of americans who have suffered from covid19, and therefore will render them less affordable for health care. In the context of what is going to be happening to the Supreme Court there have been those who have speculated about, lobbied for, i need to expand the court. Do you see that as an option . Secretary clinton that is a step too far right now. The democrats, the press, the public, really need to make it what is atclear stake. Because maybe they have the votes, but they should have to justify and offend what they are doing at this point, when they are not providing additional assistance to the unemployed in our country, when they are not helping state and local governments deal with the tremendous fall out of the covid crisis. That was former secretary of state Hillary Clinton in an interview for the bloomberg policy summit. Up next, one of the worlds Top Investment managers is finding opportunity. Managements kip devere joins us. Uncertainty around the pandemic for ceos and investors, but Global Alternative investment manager ares capital sees alternative. Joining us as head of management is head ofeer management r. Kipp deveer. Seeingndering if you are dislocations and distortions in the market, both in terms of supply and demand and being able to look at a Company Fundamentals because of excess liquidity. Kipp thanks for having me. Yeah, it is an interesting backdrop we are observing. We have seen Central Banks have just provided so much the quiddity to the system so much liquidity to the system and lowered rates globally, which provides a runway for businesses. A lot of that has accrued to the larger businesses. They can access the capital markets. We have seen a huge rebound in highyield markets, now back to trading to prepandemic levels, as well as the equity markets. When we observe middlemarket companies, the focus of ares, most of our Portfolio Companies have between 60 million in 250 million, and we see less access to those markets and add a result and as a result, more sluggish economic recovery for these middlemarket businesses. And that does provide opportunity. Seen how thee pandemic has changed shadow credit in jumbo loans. Is part ofw if ares the class of these billion dollar loans being extended. Will you continue to participate in that . Wep from the early days have been concerned about risk management. We saw limited yield flow from march probably until july, it really was slow. The m a market really slow. Just coming back in september. And you are leading with large corporates. In terms of private deals, for the pandemic, we were seeing a significant transition in 1 billion and under type transaction to the private markets away from the Public Markets. I think the Current Situation will accelerate. We have been a participant in both u. S. And european markets and have done a handful of deals around a billion or north of that. And that is a great opportunity that should continue. Uncertainty,et volatility in Public Markets, leads companies we work to look for more certain situations and transactions with ardors they know have long experience in the market, as ares does in our businesses. Ares getw does certainty itself when you are making a big add on one name, and you have little visibility for the next six months, even the next week . Kipp you make a good point. We are living in an unpredictable world. The businesses we are focusing on of that size are generally in businesses i would characterize as not having an impact by covid out at all. Health care and technology in particular have been leading the rebound in m a volume. Probably also true for some bigger deals we have been doing over the last six months. Shery what about stress credit portfolios, are you snapping those up . Kipp i think it is early for that. I would have q1, predicted that would be a significant activity for us today. And it has extended a bit, because i think retrenchment in private markets has allowed for in Public Markets has allowed for private market valuations to increase as well. That has allowed for fewer sellers and fewer financing problems but in the private credit space, the owners of these assets, people like ares and many of our competitor firms and those that look like ares, have set their businesses up so they have Better Capital and more Patient Capital to invest in this market. Creditors are materially left leveraged in this crisis than we were before, and more selling is coming as a result. Haidi what is the biggest uncertainty for the next six months . Kipp that is a tough question. Crystalnternally, our ball wasnt any clearer than anybody elses. And since the beginning we have just been talking about the duration of this Global Health crisis we are all enduring. One side of us says we are into reopenings globally, businesses have reopened, operations are better than they were in march and april, but it is the same question you are addressing with others and we are addressing internally, being when will there be quality therapeutics . And we have come a long way on that visavis covid19, and certainly everybody is looking at when a vaccine will be available, when it can be widely distributed in safe, etc. But the real key is getting us to a Global Health situation where people can go back to operating and the companies we are invested in can go back to operating the way they did in february. Or perhaps january. , r. Kipp deveer , ares capital. Breaking news, bytedance announcing they are seeking permission from the beijing city commerce pierrot. They did give details on an application to the beijing government. They are trying to get the deal done between tiktok and oracle and need the permission of china, given they now have export controls on sensitive technology. Bytedance, saying the applications based on the china ith export control, and that has been sent to the beijing commerce pierrot. But there have been no details on the application to the beijing government. We will watch that as we continue to watch this changing tone coming from beijing, that has threatened to veto what they say is a forced sailing the u. S. Of tiktoks u. S. Operations forced sale in the u. S. Of tiktoks u. S. Operations to oracle. Resurgent dollar store that has really hurt that metals sphere. Sincealling. 5 , lowest july. Silver at what point treating at one point retreating more than 5 and hitting the lowest since july as well. Based metals also taking a hit, and we have similar moves in london, copper dropping the most since mid august. Haidi we are getting minutes of the july policy meeting of the bank of japan. Front and center are concerns about how social distancing and other virus measures are playing out when it comes to the economy and the containment of the virus there. This is what we are seeing. Most members of the boj saying virus measures are exerting their intended effects. We continue to look at whether that gives us a little more details to glean as to what policy measures are left and how they view the economic recovery. Snaggedee women have key positions under japans new Prime Minister. One hopes to challenge him for the leadership next year. One of them is the acting secretarygeneral of the ldp who spoke exclusively to bloomberg about her approach to her new role. She has a job in the corner of the lgpl quarters. You have to keep the Prime Minister and the party instep and i dont think you weekend i dont think we can leave the ldp intact. I stand in for the party liter and secretarygeneral to convey to the people of the country did the media what the ldp has to offer. After eight years of the a inistration, of the abe after eight years of the abe administration, which talked about empowering women, there are only two women in the new administration. Prime minister abe took the lead and talked about womens empowerment for eight years, but i think people around the world now understand how little japan is able to empower women. Prime the first ldp minister to talk in public in parliament about how womens empowerment was needed. But men and women need to be aware of the depth of the problem and find answers. The fact there are so few women is a result of the the fact women are not seen as necessary in politics. That is why there are few female lawmakers. On top of that, when women become cabinet esters, unlike male lawmakers, they are required to have some skill. But nobody knows what the scale is. For japan to gain diversity as it faces a problem of a shrieking population, i want Prime Minister suga to understand women and allow them to work as they should. I want to support him in that. [indiscernible] to beeve there is going another opportunity a year from now. Are you waiting to run next year . I think all lawmakers, not just me, aim to become Prime Minister when they start their careers. Im just putting that into practice. Unfortunately, the people of this country still dont believe women are qualified to be Prime Minister. I went to convey, if women dont do it, we wont be able to stop the population following. That is the flag i want to waive as we had toured the next Party Leadership election. You think at some point, japan will have a female Prime Minister . Selko in japanese mythology, women are strong. Japan can have a Bright Future if women take leadership in a concrete way, rather than just an emotional way. We need to work for that. That was the ldp acting secretarygeneral speaking exclusively to bloomberg. Business flash headlines, retirement of the chair of the New York Times. This 69yearold lead the familyowned company through a decline in the print industry and the rise of digital as publisher from 1992 chairman for 25 years. The timese in charge, when 61 Pulitzer Prize is. He will be succeeded by his hisearold son, ag, and 14yearold son, ag. Nikolai is said to be in advanced talks with bp about a hydrogen network. Bloomberg understands the companies have reached an agreement to collaborate on a project to develop a network of fuelcell powered trucks. Nicola hoped to announce the deals just days after his tie up with g. M. Went public. General wall motors is to start car production in thailand next her and is aiming for annual output of up to 80,000 vehicles. Deleting chinese carmaker will start with suvs and pickups. Registered has capital of three quarters of a billion u. S. Dollars and will employ 3500 people. Coming up in the next hour of thebreak asia, we look at open of trade in asia and we market open, next. This is bloomberg. So youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Haidi welcome to daybreak asia. I am shery ahn. Haidi and i am haidi stroudwatts. Asia major markets have just open for trade. Our top stories, asian stocks face declines after wall street hit an eight week low on calls for more fiscal stimulus. A thresholdsing many investors he is a Market Correction. The tiktok drama turned another page with owner bytedance asking a judge to halt its ban in america. State media saying u. S. Is caused dirty tricks. Speaking more than 7 billion in its dual listing and says it does not need. We have the latest on that blockbuster sale. Japan, south korea, and australia coming online. The nikkei and topics and japanese assets are trading. We are seeing downside of 6 10 of 1 fort nikkei and the topix as we continue to get those lines from the boj. The most interesting part of that july policy meeting saying corporate financing the remain under stress. We have seen the boj recently focusing on the corporate sector and not much change when it comes to guidance. The japanese yen, a little bit of strength after weakening throughout the week. Still 105 level. Look at what the kospi is doing. As we hading 1. 5 regulators and south korea sounding the alarm over the surge and individual investors exposure to foreign stocks. Retail investors in the market these days. This overcoming after the parliament approved the fourth extra budget. Had speaking earlier today saying the south korean stock market volatility could expand. Talking about the recent gains in the korean won could be due to the chinese yuan rise. We are seeing pressure on the korean won. Haidi lets look across the rest of asia. We are seeing that outward pressure that we saw the rally in the dollar playing out when it comes to other currencies. Aussie dollar trading at 771, losing ground. The first few minutes of trading when it comes to sydney stocks down by 4 10 of 1 . We do not have westpac trading yet. Billiont would pay 1. 3 australian, or that it would set aside after reaches of Money Laundering laws. We are watching that and other big banks as well. When it comes to the aussie tenure, 80 spot after we had the decline. A record low for the spring year in yesterdays session after westpacs bill evans added his influential late. 0. 1 asill cut rates to the government announces its budget plans. Watching new zealand trading 3 10 of 1 . Holding rates and policy steady, but saying it would introduce new stimulus talks as a precursor to going into negative rates. Lets get analysis from Market Strategist jingyi pan. The market seem to be concerned about the prospect of fiscal stimulus and the u. S. Not being forthcoming. We have heard a chorus of Federal Reserve members saying that is the missing puzzle piece to get this economic recovery prospect looking more resilient. Is that a problem what we see Economic Advisors like larry kudlow are saying the stimulus measures if anything will only be targeted . Good morning. You look to the market situation. One where theyy have Price Expectations and it isible] unwinding hopes, especially when it comes to fiscal stimulus. The market has been seeing quite a number of positive readings, especially on the economic and. That is true august itself. This week, we are not getting so much of these economic readings. The pmi came up [indiscernible] that is not feeding too much to positive sentiment in the market. This is the wealth of worries. Equity markets face. This is gearing up for the election situation. Not a positive month as well for the markets. What we are seeing at this point is a hit on multiple ends for sentiment. [indiscernible] that is going to be important. Projection and captivating some of the hopes. We could see the downward market going to the end of the year. Haidi you mentioned election uncertainties and that is really something that is coming. We heard again from trump saying he is not committing to a peaceful or smooth transition of power if joe biden wins at the ballot in november. Is this something the markets are taking seriously . Think we would be very interested to see when the question is posed to them in the upcoming debate. As far as the market concerned, i think that is a reality. The market is coming to the reality that we could see risk and volatility. Everyone hase] been looking at the big future strategy were the elevation carrying through to the end of the year. Expectationsned for volatility. Electionnible] uncertainty is going to linger and this evidently is not the kind of backdrop that you want these things to be happening, especially with what we see during the elections especially with the pandemic. U. S. Good in the administration gridlock in the u. S. Administration is not going to help. End ofernible] september, you are getting this gearing up for the expectations but even into october, it will be heightened volatility sustaining. Shery what does that mean for the currency markets. We are seeing strength in the u. S. Dollar, but at the same time the japanese yen seems to of been pretty resilient. How much strength can the boj tolerate in the yen . Where you areion getting the of two dollars. Especiallyble] during times risk sentiment as midweek. Ak. Has been we [indiscernible] what we are seeing talking about fiscal stimulus certainty on the u. S. Elections and the outlook altogether. That could cap a little more of this u. S. Dollar upside as we look at it against asian currencies. There could be a bit of a risk over there. With regard to the safe havens, you will look at access to yen. I think it will be more balanced over here. My take on the u. S. Dollar is it i think [indiscernible] the upside is not something we are looking at. It is a bit of a relief. [indiscernible] seeing the ,hings the boj are saying already talking about policies but in the currency markets. See what isit and happening with the pboc. We are seeing weakening day listings but after incredible strength of the yuan not only against the u. S. Dollar but against a basket of currencies. Yes, [indiscernible] will be looking at quite closely, especially for anyone looking at the yen. There are for the yen to continue strengthening. [indiscernible] or the fundamentals. These are the two most compelling reasons for the yen to continue on the path it is going to. The pboc is perhaps not going to be a too positive picture. Strengthening, this will help to relieve a little bit of the stress over here. So iias [indiscernible] think we see the pboc will have different monitoring. This is not something [indiscernible]. Pen jingyi pan with us. 2. 4 ac is falling by 2. 3 , trading at the lowest that we have seen since the end of may. 2. 2 lower after it said it would pay a record 1. 3 billion australian find to settle the countrys biggest reach of antimonitoring antiMoney Laundering laws. It is more than the 900 million aussie westpac had set aside for the potential pendency penalty fornt to an extent investors. It gives certainty bringing to an end and almost yearlong saga for the second biggest lender in australia after it was accused of more than 23 million breaches of Money Laundering laws. We are seeing some of the session lows being come off in the early part of the australian session. Shery we will be speaking with the tokyobased vp fund, which has just raised almost 18 million. Partner matt sinks tells us why japanese startups offer more for investors. Tictoc saga. The owner bytedance seeking relief asm the impending u. S. Ban Chinese Media slammed the Trump Administrations actions. This is bloomberg. Karina you are watching daybreak asia. I am Karina Mitchell. We start on wall street. It fell to an eight week low as investors here a new fiscal stimulus package may not be on the horizon. S p 500 futures open flat as the index lost what many see as a Market Correction with traders living faith. The white house is playing down calls for a broadbrush program that Jerome Powell and other fed officials are seeking. Sensible, say to you, sufficient targeted measures might be very helpful. I do not think we need another gigantic multitrillion dollar package. Karina a grand jury in kentucky as indicted one policeman in the killing of Breonna Taylor but declined to file a murder charges against any of those involved. Officer Brett Hankinson is accused of wanton endangerment for firing into her apartment. The two other officers avoided charges. Taylor died during a no knock drugs rate in march. No narcotics were found and it was the wrong address. Antigovernment protesters in thailand are expected to rally again later on thursday as Lawmakers Debate possible amendments to the constitution. Parliament will vote on proposals to review the military document after the 2014 coup. Thousands of demonstrators gathered over the weekend demanding limits on the market monarchy and scrapping the senate. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Karina Mitchell. This is bloomberg. Chinese owner is asking a federal judge to temporarily block the Trump Administration from removing it from u. S. App stores. Attorneyas u. S. General bill barr expresses doubts about the deal. Senior International Editor Jodi Schneider has a First Developments on the story. What is the status of the deal for tictocs u. S. Operations and could the app be blocked in the u. S. . , actually on the 27th at the end of the day, and executive order is set to go into effect that would basically remove the video sharing network from u. S. App stores. Bytedance has filed a temporary block to stop trump from enforcing that ban even as bytedance continues to pursue approvals from the Trump Administration for its sale of the u. S. Operations to oracle and walmart. While it looked like that deal was going to go through, there are several hurdles in my scale, including getting disapproval from this committee that looks at various foreign backed deals. Well trump has given his conditional blessing to the plan, walmart took a stake in tictoc. It is still not a done deal. It is possible that go into effect this weekend. Haidi what are we hearing from the u. S. Side on this . Trump has basically said he gave an initial blessing and he raised National Security concerns again, which has been his concern all along what he said he is going to block the ban because he fears bytedance would be taking private information from users in the u. S. A spokesman has declined to comment on whether the department will challenge this injunction and bytedance is theing that tictoc exceeds Trump Administration legal authority. We may have a court fight over it. There with schneider the latest on that drama. Coming up, is eyeing more than 17 billion from the hong kong side of its dual listing and split with shanghai. We have details coming up next. This is bloomberg. Without the traditional large christian investors. Thele unfamiliar with domestic blockbuster listing says confidence and demand for the 17 billion portion of the at bureau will not be strong enough. We are joined by Stephen Engle. This speaks to the assuredness going into this deal. That is right. Cornerstone investors are more common here in hong kong than elsewhere around the world. They help add confidence to a listing in exchange for a sixmonth commitment by these cornerstone investors. There is been some complaint about having them because it zaps up a lot of liquidity and it is no guarantee they will not be burned as well. If seems to be pretty hot in anticipation for this mega ipo, which very much surpass the ipo. D saudi aramco 35 billion is what people familiar with this deal is a likely amount to be raised in the dual listing. Have here and half in shanghai. The people familiar say those ant is lining up would then be invited to take part in the shanghai portion of this dual listing as it would mitigate price fluctuations, which are more volatile on the mainland market then here in hong kong. Valuationon possible if the market is still doing ok by the time they close the books on this. Listing could come in october. Lots of money. That is a big evaluation the bank of america, twice the size of citigroup. The only other big u. S. Bank that would have a bigger market cap would be j. P. Morgan chase. Ry what we are talking and alibaba. What is this about jack ma losing his title as japanese richest men. He has lost her temporarily to the founder of the bottled water maker. 75 ofhe head of or on the vaccine major maker. It is worth a lot of money right now. 2000 thisas gone up year in china. Seanm ou as mobile fou shan. It is done well. Lone wolf is his name. Jack ma could be the lone wolf as well. Number one richest and number 17 worldwide. Shery Stephen Engle there. Ensure s wb, backed by a hong kong billionaire rigidly as could raise as much as 3 billion. Morgan, Goldman Sachs on a potential share deal which would be the biggest plan ensure an Asia Insurance japan post in 2015. Johnson johnson as begun largescale stage of three trials of its oneshot college vaccine. The company will does up to 50,000 volunteers, marking the first big u. S. Trial of an inoculation that may work after just one shot. Vaccineis the fourth maker to move its candidate into late stage trials in the u. S. Haidi there is growing concern minority groups may have inadequate access to trials and then to the vaccine itself. Dr. Anthony fauci discusses how the u. S. Will ensure treatment inside theted fairly bloomberg equality summit. Let me ask you about a concern that has been expressed in an oped in the New York Times about people in the being adequately represented in the covid19 phase three trials. What can you say about that . We are trying as best as we possibly can to get equitable representation of andcanamericans, latinx other minorities. We are doing better with latinx, but we have to do much better with africanamericans. There is a good reason for that. When the trials ultimately get shown to be safe and effective with regard to the candidate vaccines, we want to be able to say with confidence that they are safe and effective in all demographic groups. There is a concern in the Minority Community that when the vaccine is available, wealthy white people will get it first and then it will trickle down and the last people to get it will be the minorities who might need it more than wealthy white people. What can you do to ensure people the people of minority backgrounds will be getting this in a fair way that it should be distributed . There will be privatization. Classically, notwithstanding covid19, whenever there is a shortage of vaccine in the sense of when you are rolling it out and you do not have the doses, on Advisory Committee immunization practices advises the cdc, who makes that determination about what privatization is going to be done. Withe complementing that another group from the National Academy of medicine, which is recently met to also give a recommendation. We do not know exactly what the decision will be. I can tell you from past experience, clearly people who can benefit from the vaccine the the and those who are at highest risk of serious complications will be in the higher priority. Almost certainly the First Priority will be frontline workers, the people such as Health Care Providers who put themselves at risk, but close behind them will very likely be people who could benefit the most and almost certainly that would include minorities. Minorities very often might be in the lower income strata. Suppose they say thank you for putting me at the front of the line but i can afford i cannot afford to get the vaccine. What can we do to make sure people can get it . That was a very important question and we were at the Task Force Meeting saying when we get asked that question with the government make sure that is not the case that people who cannot afford it people need to understand the vaccine itself is free. The federal government as prepurchased those. It will be any Fee Associated with the administrative aspects of administering the vaccine, and that should not be something that gets in the way of poor people receiving it. Shery dr. Anthony fauci there. , weening now in new york are seeing black lives matter process over the grand jury protests over the grand jury decision on Breonna Taylor. We will have details next. This is bloomberg. Shery we take you to live pictures of protests unfolding in new york as we speak. Hundreds are converging across the city in reaction to news that Louisville Police officers will not be charged with murder over the shooting death of Breonna Taylor. Bloomberg is following the developments. Protesters out right now calling for murder charges. What does this grand jury decision mean . The grand jury decided against pursuing murder charges against the officers who shot Breonna Taylor in her apartment back in march. Instead, the grand jury in kentucky decided to charge one hankison,icers, brett with wanton endangerment related to firing his weapon into the apartment of neighboring residents. The Kentucky Attorney general found that the other two officers, one of was sent to have fired the shot that killed taylor, were justified in their use of force and that is why we are seeing protesters now in new york city and in louisville and i am sure across the country as well. Haidi what are we seeing on the ground now and how does this potentially feed into trumps narrative, putting themselves front and center as the law and order candidate going into november. November . We are seeing protests on the run in louisville at the city has been preparing for demonstrations ahead of the ruling. Louisville implemented a curfew there over the next three days from 9 00 p. M. Eastern time until 6 30 a. M. They also mobilize the national guard, fbi, and other federal agencies to help out with some of the demonstrations there. You are seeing images from local and weports of protests, usedseen some chemicals and rubber bullets. The interim Louisville Police chief noted that there were fewer arrests. He did not have specifics on the number of arrests or on what these individuals were arrested for. The president has seized on some of these protests for his campaign. He has campaigned as a law and order candidate. Cities like new york city, likeand, oregon are places anarchist jurisdictions. It remains to be seen whether whether hemain will do the same with louisville. That is something we will watch. Haidi good to be there in new york where you are looking at live pictures. The grand jury elected not to charge any of the officers involved in the killing of Breonna Taylor with murder. Hearing in louisville we have seen a state of emergency and curfew being put in place. A u. S. Judge will hear tictocs call for the four trumps ban to be halted. They say the deal is eight 30 trick a dirty trick. The global times because the oracle deal and unpalatable gambit and accuses washington of extortion. Trump says the Supreme Court will decide the outcome of the election, adding the senate should confirm is no many to succeed at Ruth Bader Ginsburg in order to break any potential time. She criticized mailin voting, accusing democrats of a scam and says he has level to have nine members on the court bench in case the results are more political than it should be. The president is set to announce his big on saturday. Says he has enough support to form a government. The Prime Minister rejects that to proveallenging him his claim. Malaysia has been in turmoil since the Prime Minister collapsed in february. The subsequent collision has only a small majority in parliament. Westpac will pay a record 1. 3 billion aussie fine to settle australias biggest breach of Money Laundering laws. The finding is the largest against an Australian Company and is more than westpac had set aside for any potential penalty. It also talks of 700 million Commonwealth Bank to settle its own breaches. West bank is accused of 23 million infringements. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. All i am i am Karina Mitchell. Shery here is a check of the markets. Nikkei falling 9 10 of 1 . Everything in the red, communication and utility stocks leading declines. We are seeing the japanese yen Holding Steady at 105. 4 level. When it comes to the kospi, 1. 5 percent, the lowest level since august 20. Viced heard from the minister that south korean stockmarkets will see volatility that could expand. They were talking about strength in the korean won being because of the chinese yuan rise and we have seen more coronavirus cases in south korea now being confirmed, 125 in the last 24 hours. Asx 200 also to the downside, a two week low. Watch out for westpac. They have to pay a record fine to settle. When it comes to kiwi stocks, down 2 10 of 1 . Rbnz Rate Decision Holding Steady. Potential of cash rates going into the negative. Seeing a global selloff and adding to that global selloff as downturnue to see more over u. S. Stimulus package. We have seen a parade of fed officials asking for the package in order to get the u. S. Economy into a solid recovery. Fed chair richard clarinet speaking to bloomberg earlier saying the central bank will itps rates near zero until achieves 2 inflation and full employment. What we are saying quite simply is perhaps in a normal recession or if we were back in february, obviously getting to 2 and moderately exceeding 2 would be in our forecast horizon. Because of the depth of the shock, the economy as to recover. That recovery relative to the last downturn will occur within about three, three plus years. I do we get to that point, overshooting is just an academic point. We went to get the economy to 2 maximum emplacement along with full employment. We think that can happen. Fund manager after fund manager as come on the show and says we are at risk of creating an asset price bubble. How does that factor into went to tighten policy . That is a good question. Financial stability is an important consideration. Onget regular briefings Financial Stability. We issue it twice yearly reports we are very attentive to that risk. , wes important to remember have a mandate sign from congress which is maximum employment and price stability. If we were to become concerned Financial Stability put maximum employment and price stability goals at risk, we would have to factor that in. Monetaryelieve that policy, raising or lowering rates is a really blunt instrument and our inclination is to work with other agencies on regulation, supervision, bank liquidity, and other dimensions than simply raising or lowering rates to do with Financial Stability. Fedt what effective in the to be without more fiscal support, without another round in washington, d. C. That is substantial that injects direct aid to companies, to individuals . Indicated, powell fiscal policy is for the congress and executive branch. We will say we do think additional fiscal support will likely be needed. It is very clear that the cares march, it wast in really a story government response to a historic crisis. A 3 trillion package provided significant support to the economy. The economy has made a lot of progress, about 11 million jobs have returned but there is still a deep hole. You have a very high rate of unemployment, small and mediumsize businesses that are suffering. Additional fiscal support will likely be needed. Fed viceat was the chairman Richard Clarida speaking with bloomberg. Protesters are planning to hit the street as lawmakers decide on ways to amend the constitution. We get the latest next. This is bloomberg. Haidi protesters in thailand are planning to hit the streets again as lawmakers are set to vote on thursday on a path to constitutional changes. Lets get the detail from our reporter. What is being discussed in parliament this week . Does this potentially the anger we see on the streets . Pathwaysre discussing to amend the constitution. Demonstrators are calling for more democracy and less power for the monarchy. Both the house at the senate will vote later tonight on various proposals to set up a committee that will recommend changes to the constitution, which is written by a military appointed panel after a 2014 coup. Over the weekend, about 50 million demonstrators gathered arew hundred protesters expected at Parliament Later this afternoon. Shery you mentioned the constitution was written by the military. What a card parts of the texts are protesters against . The current military backed it easy for made the Prime Minister and his allies to keep power after an election last year. That ended five years of rule by a military coup. Protesters are pushing for changes that limit the power of the monarchy and scraps the military appointed senate. They view the] charter as one of the main tools helping the military backed regime maintain its grip and politics. Haidi to what extent do we see the outcome of the vote . What does that mean for the level of dissent we are seeing as well as the ongoing outlook for thailand . The focus of the Parliament Today will be to decide which parts of the constitution to make changes to and how. Foriament will likely vote a charter amendment. It could take about one year for the entire process. Thai political experts expect it will not be a huge change in the constitution especially in areas involving monarchy and the senate. It helps this government retain its power. It could end up fueling the protest movement in the coming months because these two areas are key for protesters. This growing protest movement, which is a challenge to the government trying to revive thailands economy. There inr reporter bangkok. Up next, we had to japan and look at the Venture Capital seen with matt sinks of tokyobased capital. This is bloomberg. Haidi lets check the headlines. Malaysia airlines is seeking to defer interest on these payments as it tries to mitigate the impact of the pandemic. The struggling flight carrier is said to be in discussions with banks and Leasing Companies about deferring an estimated 240 million in payments. Times are increasingly tough at. Authorities sell i know it is telling barcodes from its note retired 747. A fullsize court will set you back 100,000. Each cut would have racked up at least 2000 flight hours. You can order one through the qantas line store. We work at selling a majority stake in its china operation as it continues to back expenses. Is put in an additional 200 million for over half of the business. I knew tokyobased Venture Capital fund from pacific veins raised over 17 million from overseas investors, including the cofounder of skype. They are betting startups and japan offer quicker access because they have a shorter path to Public Markets. Joining us is matt sinks. Thank you for joining us today. We know that japan as a reputation for not being as welcoming of conservatorship. We know those college kids go to those jobs for life, big major companies, government sectors. Is this starting to change . Thank you for having me here today. Yes, it is. There has actually been a bit of a societal change, especially compared to say about 10 years ago. These days, there has been a bit of an overall push. People are a lot more cushytable leaving there corporate jobs. There was a lot more cash, a more robust ecosystem. The average timeline for a corporate acquisition is fallen to around four to five years, which i think is pretty exciting. There are also strong shows for startups here as well. Shery what is the what does the path to the markets in japan it looked like as opposed to other places . It is actually quite lower cost here. Minimum requirements are two years as audited financials. Exchangescute stock usually have four main boards, including mothers. The cost is fairly low, on average 500,000 usd or less. Haidi we are getting breaking news amid the ongoing street protests in new york as well as other parts of the u. S. We are hearing reporting from the New York Times saying that an officer in louisville as been shot. New york times reporting a Police Officer has been shot. We know in louisville a curfew as well as a state of emergency as been called. We are seeing protests on the streets not just there because other cities in the u. S. Including new york city as protesters take to the streets over a kentucky grand jury electing not to charge any of the officers involved in Breonna Taylors death. We are hearing reporting from the New York Times that a Police Officer has been shot in louisville. Lets get back to the topic at hand. Differential opportunities have come up given the unusual monetary physical environment we are in at the moment . There are a lot of supports here in japan for startups, especially Large Companies trying to go abroad. [indiscernible] can help with that. Suga is going to be continuing a lot of the policies abe had. We are seeing increases in essentially matured debt capital to make sure those companies go have aand right now we lot more equity and cash Capital Finance as well. Think it is a environment and we are glad to be a part of it. Haidi we have seen a flurry of health care listings, particularly in hong kong and china. Do you see that trend continuing across the rest of asia and into japan . Japan there is a market for health care. We have been looking at the industry. Of diagnosticost technology. Startupscited to see come out of we think that is a market especially with an aging population. We are excited to see growth especially over the next couple of years. Plans when are your it comes to the investment deal you are expecting to make in the next few years and how do you plan to grow your company as well . There are a couple of really exciting companies in japan i would say i have comparatively lower valuations, especially in the current ground but can go out and snag [indiscernible] we see these opportunities come up and japan and there is just not a lot of external publications about them. We feel pretty wellpositioned to make use of our Corporate Partners here to up those companies go overseas. This in turn increases their valuation much higher. We opportunistically invest in startups that we think would be synergistic with our platform and portfolio. A quick scenario stretch there. Sinks, thank you very much for your insights into the japanese startup ecosystem. We have breaking news again. Are hearing that a Police Officer as been shot in louisville. This amid the Breonna Taylor protests, the black lives movement ongoing right now, outrage over the grand jury decision do not charge the Police Officers that shut not taylor to death charge them with murder. Those protests ongoing in louisville. The pictures are from new york as we see this protests really escalating nationwide, including in new york city. A Police Officer in louisville as been shot. Shery heidi making it dedicated push to build a pipeline in their Portfolio Companies. Managing partner at Goldman Sachs ahead of that lunch with gs. Gemma wolf discussing their efforts at the bloomberg quality summit. I think one of the dynamics that is interesting that our team is talking about and we are watching is whether the current environment and videoconferencing, zoom, skype, if it is truly an equalizer or if in fact it is limiting the opportunities and leading to more investment gaps. We know there is a strong pipeline. We have seen it. There are so many opportunities to invest in really strong Industry Leading Companies across a variety of sectors and industries. In the current environment, i am hearing on the one hand from some entrepreneurs that videoconferencing is removing some barriers to get to that funding. They do not have to fly out to every month. They do not have to worry about the cost and time of being away from the business. They also do not have to think out do i need think through do i need to go to drinks before the page . It is really hard to do business right now without meeting facetoface to be an entrepreneur. We are observing this. I do not know what the answer is and i would love to hear from people on what they are seeing. I think it is important that we be aware of this so that we can ask the right questions about what is really leading to the investment gap. It is not a pipeline problem. We do think that this network cap is a contributor to the investment gap. Question, aseline you move into the later stages of a company, there are fewer companies to the bulk of our pipeline is earlier. This gets to charlies point. You have to start younger, build the mass at the base to try and get leaders five or 10 years from now you believe can succeed you at wells fargo. About Funding Companies early and helping them grow into bigger companies. You cannot just expect these magnificent companies to exist because of the structural limitations that it persisted. The pipeline is rich, but the pipeline is young and we have to accept that and help it grow up. Shery live pictures from new york as we heard that a Police Officer as been shot amid the Breonna Taylor protest. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. This is my Kitchen Table and also my filing system. Over much of the past three decades, ive been an investor. The highest calling of mankind ive often thought was private equity. And then i started interviewing. Ive learned in doing my interviews how leaders make it to the. To i asked him how much you wanted. He said 250. Fine. I didnt negotiate. I had no Due Diligence. And how they stay there. You dont feel inadequate because youre the second wealthiest man in the world, is that right . One
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