Exchanges. Regulators criticize the lack of access. Goldman sachs is set to be preparing a second round of job cuts in three months as a moratorium on firing amid covid19 comes to an end. Howi lets take a look at we are setting up in the first couple minutes of sydni trading. We have had a pretty cautious trading session this week ever since we had a Technical Glitch that essentially put the asx out of action for monday. We are seeing a little bit of a flight back to the opening session as we get more clarity in terms of the ongoing trade tensions between camera and beijing. Still on the back foot trading at the moment. We are seeing outside of half a percent trading in new zealand stocks. Shery we continue to see pressure in the futures markets. U. S. Futures down. 1 after stocks pulled back from record highs. We are seeing nikkei futures down 0. 4 , coming down from the highest level since 1991. The japanese yen unchanged, although one of the biggest gainers. Virus concerns. And wti down 0. 2 . Is moving forward with a plan that could see Chinese Companies kicked off of u. S. Stock exchanges. That could affect big names including alibaba and baidu. Tom mackenzie joins us from beijing. What exactly is the sec proposing and how is the has the pressure to do something evolved . Tom the securities and Exchange Commission are working on proposed rules they hope to have finalized by the end of the year. Delisting lead to of Chinese Companies if they do not comply with u. S. Audit rules. What we know from our reporting is that the sec has been working since august. That is after a group of senior officials, including the head of thesec, jay clayton and treasury secretary steven mnuchin, push for regulators to step up rules that would lead to of chineseng companies that do not comply with this u. S. Law. They push for restrictions to take effect as soon as 2022. That is what the secs been doing. They hope to get it finalized by the end of the year. It is likely that will be passed to jay clayton to whoever the Biden Administration picks. What it comes down to is a longrunning dispute over chinas refusal for almost 20 years now to let u. S. Inspectors. Chinesee audits of Companies Listed inthe United States. Bothsolution has eluded sides since 2022. Within the context, you touched on this, is the souring u. Sch ina ties. China says there are confidentiality reasons they do not want u. S. Inspectors going through the books of their Chinese Companies but again, it has been accelerated by the tensions and also the accounting scandal of lukin coffee earlier this year. Shery what are the Practical Implications for those Companies Listed like alibaba and baidu, for example . Tom we have already seen steps by many of these companies to set up secondary listings in hong kong or the mainland, whether that is alibaba. The flipside of that coin is we have seen 170 Companies Either based in Mainland China or hong kong list in the u. S. This year raising 60 billion u. S. Dollars. Some of them may be playing for time. As i said, it is unlikely that these new rules would be in place before about early 2022. They also may be betting that lobbying against these proposals might start, to have an effect. The nyse would lose out if the delisting proposal was enforced in law. But, whatever happens, it is congress itself is pushing through its own proposals. So it seems like we are coming to a head on this. Shery Tom Mackenzie in beijing with the latest on u. S. Actions against these Chinese Companies. You can read more about the sec on todays edition of daybreak. Also available on mobile in the bloomberg. Thes a quick check of first word headlines are the nomination of judy shelton to the fed board has been blocked in the senate. And sent back to President Trump. Majority leader Mitch Mcconnell after covid19 exposure forced two republicans into quarantine. The party was left short of the votes. Mcconnell switched his vote to no. The outcome became clear. The senate may reconsider sheltons nomination later this week. Is said to be close to a deal on futures a breakthrough may come on monday although both sides say there is some way apart on a range of issues. Anyces in brussels say agreement would require london to compromise and Prime MinisterBoris Johnson told his cabinet a final deal remains far from certain with time running out. Thet morrison has become new japanese Prime Minister as he tries to build a coalition of likeminded democracies to challenge chinas position against asia. They signed a new defense to following the socalled talks in tokyo last month. He says it is illegal for a way for each countrys collaborate to collaborate in military exercises. China is being urged to set Economic Growth targets of 5 annually over the next five years. Down slightly from the five to 6 goal in the latest fiveyear plan. A Senior Research fellow at the academy of social Sciences Says the figure may fluctuate because of the coronavirus, but 5 is a more realistic target. Present x president xi aims to double the size of the economy by 2025. Those are your first word headlines. Haidi still ahead, more progress on the virus vaccine. Pfizer says it is preparing to seek fda emergency use authorization. Well also be speaking to maintain capital about how these vaccine developments could impact the next leg of the rally. The new the Economy Forum underway with the next session beginning very soon. We will bring you conversations from hillary clinton. And the governor of tokyo as well as the ceo of trip. Com. This is bloomberg. With the virus now spreading at a fast rate the next few months are very challenging. We are going back to a different economy. Before we had this great news about vaccines, we had some pretty negative news concerning the second wave that really came about certainly earlier than anything we had anticipated. That also has an impact on the outlook. A changemay be agent if you like. Second, we must now focus and push ahead hard with the necessary changes to support changing the direction of our planet. Shery investors are refocusing their attention on the surge in cases around the roper at our next guest says we might get used to that. An election uncertainty has been replaced with nearterm lock down concerns. David, always great having you on. Now with the election way behind us, is it all going to be about covid, and how much of the downside can we expect perhaps fiscal monetary and stimulus to offset that . David i think it is about two things now. With the election uncertainty out of the way, it is about covid. We have seen this exponential growth in cases over the past month, two months in the u. S. And in europe especially. Then its also about fiscal stimulus. When that finally comes, how much we get . Nothing has happened in terms of the second covid relief package, but we are looking for that broader fiscal stimulus to come probably early next year. So, how much in terms of the virus. We know we have good news on the vaccines but those are out in the future. Theres a path between here and there. What happens in terms of lockdowns . We have seen partial lockdowns in michigan. We are starting a lockdown at midnight tonight for a lot of public establishments. Weve seen that in new york city, philadelphia, some other areas across our country and what is happening in europe. Then, of course, windows vista stimulus come . When does fiscal stimulus come . Shery in value stocks will they keep focusing on that stimulus package or are they going to be derailed given what is happening as you expand right now with covid . David weve seen this. If we go back to the rebound from march 23, weve seen every month or two, value stocks or cyclicals will emerge in a leadership role but that it last for days or even a week or two, to then we go back technology and those ecommerce the whole to, i. T. , leadership resumes, Growth Stocks resume their leadership. It is certainly encouraging with first the pfizer news and the moderna news. There is reason to be optimistic. At optimistic about the value some of thesels, rebound plays, if you will, but we know that, again, well be approaching that path in fits and starts. So it is likely we see more days like today where those stocks take a step back. Haidi in terms of retaining a position in tech, which of the companies do you look beyond the reallye story and still like the trajectory and think there is value to be found. It is hard when you talk about the gains weve seen in tech so far. David it is interesting. If we go back to actually before the bear market earlier this year, precovid, going back a couple of years, weve technically been overweight in our portfolios. We stayed with that after the bear market and post covid and that has done very well for our portfolios. Since september 2 we had this phenomenon where there were five large stocks within the s p 500 that were outperforming the 495 other stocks in the s p 500. By september 2 year to date was 50 of performance. In fact, because there was a market weighted, a market capitalization weighted index, they were responsible for a lot of the positive performance of the s p 500 that we had. Now, since september 2, when we had that year to date high in the indices, and the trouble we have seen in technology with two or three technical correction since then, we have seen those, the Broader Market start to upper form, actually outperforming slightly those five larger stocks. So, Going Forward, i think, you know, what will matter is if we look at whether it is big cap, midcap, Smallcap Technology or growth in general, those of the stocks that have good Balance Sheets, have good Growth Prospects. And will continue to do well. The value stocks or cyclical stocks that are getting this bid, when we have good news like on the vaccine news or on fiscal stimulus, theyll get a bid, but is still going to be a function of which of those Companies Really have the kind of Balance Sheet that they can perform. When we look at growth versus the value stocks, growth still wins out. Growth prevails and wins the da y still over the longterm. Haidi what do you think about 6040aditional portfolio thesis as we see the relationship between treasury inequities start to break down. I dont have a nation, maybe you do, as to the lack of reaction weve seen from bonds this week i dont have a reaction. David there has been a lot of discussion about that. 6040 portfolio broken . As Interest Rates came down this year and were reaching alltime lows or near alltime lows from u. S. Treasuries, depending on where you were on the curve, it was a question of, how much further his left in that . How much further can bonds appreciate in value . And act as a hedge when we have these volatile periods . And that has been the question. What weve seen has bonds have continued to do pretty well this year. There has been concern about the rise in rates recently but the question is, why are rates rising, and do we need to be concerned about that . We have seen the 10year creep up near 90 basis points coming up near 1 . Seems to be a magical threshold we are looking at. A lot of that is because of the prospect of fiscal stimulus, because of the prospect of a growing economy. Many on wall among street, many economists is we have a good economy ahead of us. There is reason for rates to come up that is not going to necessarily adversely affect the market in stocks. Aidi we always appreciate chief Investment Strategy meant. Strategy. Coceo rayrman and dalio spoke about the longlasting changes he sees from covid. Think there were vulnerabilities that existed under the system and the covid is the stress test it will go away, but there will be some things that are broken for a long time, and then there are some things that are profoundly changed. I think, first of all, the financial gaps between entities is clear. Poor, those who have good income statements and good Balance Sheets and those, defining characteristics. Some of those will be broken, snd it has in noras enormou political consequences. The left in the right will be, i think in greater conflict. And so, that issue has also been connected to the changes in em wasnd credit that referring to. In other words, before that Interest Rates hit zero and the was not classic monetary policy. Also, when there was qe it did not pass through to those who needed the money most. What we now had was, we now are in a new era in which there is going to be government borrowing money and directing that money more than the normal Capital Markets and Central Banks buying money and that is going to have a profound impact on the value of money, probably reserve currencies and so on. Aen related to that, is it defining moment in terms of the strong and the wewakak weak . For example, china has come out of this very well and it will change the nature of capital flows, i think. So, i think those are the main, it will have political and wealth implications that will be very important and will be clarified over the next i think two years. How does bridgewater adapt to the new world order that you have been thinking about for a long time i should add . Anyone familiar with your writing and speaking knows that. I presume some of the things you have been doing have been in the works for a little while. Nevertheless, here we are, november 2020. And it, its a different place than we were 11 months ago. Ray there is a business answer to the question. How do we operate businesswise and also portfolio. I would like to emphasize the portfolio because it is relevant to other people. I thinka period of great uncertainty, and great ris k. Three, i think there are words. Diversification. Liquidity. And then differentiation. Get, we want to make sure our investors are not just concentrated in some of the traditional markets. So diversification of how to do that well can reduce risk without reducing opportunity. And that means currency diversification, including the reserve currencies. To the reservere currencies. It means currency diversification, asset class diversification, country diversification. And that should be the starting point of a portfolio. In terms of liquidity, it allows you the flexibility to change as circumstances change. And differentiation is the most important consideration now. There are two different worlds. There are worlds that will be orderly and will prosper in this kind of an environment and can and you can see it. When that differentiation versus other roles in markets related to that, that will be bankrupt and disorderly. That kind of differentiations important. As far as the business goes, we now, the different location considerations and long relationships we are building on. Haidi Bridgewater Associates ray dalio speaking with Erik Schatzker at the new Economy Forum. We have more big voices. We will hear from the European Commission president and the former boe governor mark carney and among many others. We have alert on the bloomberg. Hong kongs ebe chu has been arrested. We do not have the details of the arrest. But we know that china has been tightening his grip on hong kong and the opposition recently resigned en masse. This is bloomberg. Shery Goldman Sachs is said to be planning a new round of job cuts for the second time in three months. Our report has been tracking this. Given that goldman has promised to cut about 1 billion in expenses, is this not surprising then given that they need to make those cuts somewhere . Surprising in the context of when it is happening. It is happening in 2020 at a time when most banks going into the pandemic, they will not be carrying out job cuts. Virushat promise is the has outlasted their patience. And now they are starting the usual wave of job cuts and goldman, which is very keen on reining in costs is going ahead with this. The surprising part is that indman did break tis silence september when it said it was going out with modest playoffs layoffs. They retreated the statement that they are contending with a moderate number of layoffs. It starts to add up and i am not sure it is doing much to soothe employee anxiety which was the number one concern during the virus. The question. Sort of like incrementally doing it, trying to have it under the writer. Is that helping it from a pr. Perspective . From a morale perspective and how does it compare to what we have seen from other firms . To thinkvious example of is a bank like wells fargo, which has faced a lot of trouble which has a new ceo. A big task for him is to cut costs and they have been pretty open about it said that they make job cuts. Goldman is in a different boat. It is in a much sounder footing and frankly 2020 has been a year which has [no audio] shery what else does goldman need to do to lifted stock price . Stock price . S are you there . All right. Haidi our finance reporter in new york with the latest round of job cuts plan to Goldman Sachs. Coming up next, another stage in the race for covid19 vaccine. Pfizer says it is about to seek emergency use authorization from the fda after reaching what it claims is it safety milestone. All the details next. This is bloomberg. This is daybreak asia. President trump is expected to order a further drawdown of troops in iraq and afghanistan, triggering a rebuke from Mitch Mcconnell. U. S. Central command received a warning that it would lower troop levels to 2500 in each country by the middle of january. Mcconnell says that would be a humiliation a kid to the akin to the withdrawal from vietnam. Facebook has been challenged amid accusations they are failing to moderate online speech and censoring conservative views. That dorsey and Mark Zuckerberg appeared remotely. Both are criticized for what republicans say is an unfair bias against rightwing content. Narendra modi is looking to modernize the countrys urban centers to rebuild the economy after coronavirus. India has slumped into its worst downturn in decades. Modi told Bloomberg NewEconomy Forum that it delivers a unique opportunity to make indian cities more livable as people go online for health care, education, and general shopping. We are looking. Care,ion, health it may all happen online. Ready for need to be this convergence of the physical and digital worlds. Wordose are your first headlines this hour. Lets take a look at how markets are faring in asia. Sophie. Optimismith vaccine offset by rising virus cases, we are seeing bonds in australia and new zealand. A modest move higher, the asx 200 adding. 4 . Tech names and miners are under pressure in sydney and nikkei above 26,000 for the First Time Since 1991. The rally in japan looking overheated. We are seeing the aussie yen below 73. The yen trading around a oneweek high amid reports that tokyo is preparing to raise its virus alert level to the highest of four levels. Holding up a chart, with cases picking up around the world, that may dampen the momentum for south koreas economic recovery but Bloomberg Economics does point out that the government is flexible in its customized approach to dealing with virus management and it should produce a drag on activity in areas that do not have outbreaks so watching a key level for the dollar won. We are seeing a key area of support around the 1100 level which is a redline for export competitiveness according to some economists. They are seeing inflows into korean bonds which have been a boost for the currency. Billiont to snap up 55 of korean debt year to date while withdrawing funds from debt in india, indonesia, and thailand. E have the korean 10year rate it does see further pick up for a korean yelled at 1. 8 by the end of 2021 despite foreign inflows. Upside pressure from the record debt issuance from the government, shery. Said it hasr cleared a key safety milestone for its shot and is now preparing to seek authorization for emergency use. The news is fueling optimism that surging members may finally be numbers may finally be brought under control. Michelle cortez has more on this. A big question on everybodys minds around the world, when could we see these vaccines . Michelle they are moving so quickly when it comes to these vaccines. We heard from pfizer today that they have gotten the safety data and they have not seen anything that is worrisome. Up to this point, all we have gotten is press releases and interviews with the company, but i would say within the next week or two, they are going to file for an emergency authorization with the fda and they will have to include all the data with that information. That will trigger a public discussion of those findings and we will all really be able to look into the information and find out just how safe and effective these vaccines are so probably within the next couple of weeks, we are going to know more. Sorry. Shery go ahead, haidi. Haidi you and i have been talking about trying to get a gauge of distribution, of transport, of storage, of access and availability so im wondering, do we know how many people in the population need to be immunized to be effective . Erik michelle in order to get hurt immunity, we will need between 60 to 70 of the population will have to have been vaccinated or infected with the virus. 10 ors probably about less of americans have been infected so that will be a heavy lift for the vaccine out there. The really great data point is when we get vaccinations, efficacy levels at 90 , that means almost all people will be getting vaccines and will have protection. When we were originally looking at these vaccines, we thought maybe they will only be 50 or 60 effective. And then of course, you would need double as many injections in order to get into that herd immunity number, so probably, we are looking about definitely 100 million, 150 million americans are going to need to get these vaccines before we start getting some serious herd immunity going. Haidi when you get fda emergency use authorization for a drug, is that suggesting that the is that suggesting the full faith and backing of the u. S. Government . Or is it that they see the benefit of rolling these out as outweighing whatever safety unknowns are still at play here . Isk michelle that exactly it. The latter point is exactly what they are doing. They are saying based on this information we have at this point, we believe that the benefit of this vaccine is going to outweigh the risk. Of course, its going to take us perhaps years to know fully of the safety and efficacy of these vaccines because you dont want a vaccine to protect you for just a month or two or three. Hopefully, it will protect us for five years, maybe a lifetime. That would be great. You will not know that until you have gone through those years. Same thing with the potential side effects. There are theoretically things that could happen in the later years that we will not know about right away, so both safety and efficacy will not be decided until we get full fda approval. This emergency authorization is making it so that once a vaccine can get out through this process , Distribution Process you guys have been talking about for days and weeks, looking at late december, early january, then people can get access to these vaccines that will offer some hope. Haidi Michelle Cortez with the latest on the vaccine front. The former new york fed president , William Dudley, sees the worsening virus situation as the biggest risk to the economy. He says weaker than expected october retail sales is a sign of things to come. The fact that the retail sales were weaker in october reinforces the idea that as the pandemic gets worse and theres more shutdowns and restrictions, that the november data, which we have not gotten yet, will be even softer. We have a valley we have to go through over the next six months to nine months before the vaccines arrive and we can get people vaccinated. I think it will be a difficult valley to go through because pandemics getting worse and theres no fiscal stimulus package that seems about to arrive in a timely way. This is so important and why it is so good to have William Dudley with us. The only one i can think of is Lawrence Meyer in terms of looking at the granularity of the data week to week as you did years ago at Goldman Sachs. What data are you looking for forward to frame out the next two quarters . I think i will be focused mostly on the course of the pandemic itself and the reaction to the state and local governments in terms of the restrictions they put in place and how much people actually social distance. To the extent the pandemic worsens and we have more restrictions, that will exert downward pressure on the data and is also important to recognize that when we get data like what we have got today, we are looking in the rearview mirror. It is first half of october data. We are in a much worse place today. You point out about momentum. The data as you anticipate is set to worsen from here because of the restrictions. Thats talk about where this leaves policymakers, specifically monetary policymakers. He wrote an oped piece which said quite clearly that you think, and many others share this view, that they have run out of ammunition. Where does it leave them right now . William they can do more. They have not completely run out of ammunition. They can extend the duration of the asset purchases they make. It would not have much consequence because the fed has succeeded in terms of what it wants to accomplish. It has made Interest Rates very low and it made financial conditions very accommodative. Would it help a little bit . At the end of the day, this is about fiscal stimulus and providing support to incomes to help people get through the valley we face in the months ahead. As a former policymaker at the fed, when you look at things right now, we have Market Participants come on this program all day, every day, five days a week, talking about risk or lack there of in the credit market because of the feds resins in it. Is that a good thing at a time like this . William i think the fed stops are pretty important because it basically reassures people that there is a last resort so that encourages other people to be engaged in financial markets. Liquidity facility the fed has provided actually has not had that great of the takedown. What has happened is they have served as effective backstops and its very appropriate. Another issue that will get attention is whether the fed back. Tand right now, theyll schedule a they are scheduled to end. They should go at least until the end of march or maybe through the first half of 2021. Shery William Dudley speaking with tom keene and jonathan ferro. Coming up next, a big interview from the bamberg near economy form. New Economy Forum. Bloomberg new Economy Forum. This is bloomberg. Haidi china is accelerating digitization of the entire country as the economy bounces back from pandemic. The standing partner at sequoia china and the ridehailer representative discuss emerging trends and exclusive at an exclusive panel at the Bloomberg NewEconomy Forum. China is wellprepared even before the covid from a, you know, smart city perspective. I am here in shenzhen and there ishenzhen andd every citizen can use that to check his tax payment, check with the public facilities around him and her, and obviously, with covid, now, you have one additional function, which is the health code. You can use that to basically check if there is any, you know, venues that you should avoid, and obviously, you know, if you have a green coat, that means relatively. Its very important that we already actually have done a lot along the line of digitization of many of these services. Both privatesector as well as public sector. On the private sector, ridesharing, it has been very popular in china. They have been seeing the highest number of rides per day. I think china can, you know, use those tools to quickly tackle the issues and challenges when covid happened earlier this year. Obviously, you are the perfect person to address that. About the hit the ridesharing business took, all the measures in protecting the drivers, the passengers, and how the business has recovered. Where is ridesharing in china now . Sure. When the pandemic came, the suddenly so itp was quite dramatic around january, february, and we see we gradually see a recovery starting from april and right now, you know, we are pulling back. We are pulling back from an alltime high. Rides serving 60 million every day, which is very nice. Past,e have done over the you know, more than half a year basically, number one, we need to make sure our drivers and passengers are safe, so you know, we urge our drivers to wear masks and encourage our passengers to wear masks. We send out free masks for everyone. Ourave set up a fund for drivers and passengers, especially for the quarantine drivers just in case. Theave been working with insurance and Leasing Companies so we can extend the lease payment so they have been a lot of things we have done in other countries like latin america, australia. We have also installed plastic dividers so that we can keep separated and drivers to lower the infection chance, so there have been a number of things. One thing i am extremely proud initiative. Ro there was no Public Transportation in a lot of cities and doctors and nurses, health caregivers, they just cannot get around. After a whole day of work, they have to walk home. Have to walk for one hour or even two hours so what we have done is organize a team of drivers, and they volunteer themselves, more than 140,000. They volunteer themselves. And thats what we have done. Be a resilient organization, and we learn how cycles through the whole pandemic. ,hery jean liu and neil shen talking to bloombergs emily chang. Plenty more big names from the former head as we get ready for get forum ahead as we ready. The mastercard ceo and another will speak soon. We will have those conversations in the next hour. For now, here is a quick check of the latest business flash headlines. Daimler is to deepen its ties with a chinese automaker, developing a gasoline engine that could be electrified down the road. The deal would create a power unit that can be used for hybrid cars in europe and china. Shareholder. Gest volvo would help produce the engine. Daimler signaled its intention to form more partnerships. Chinese electric vehicle maker fell in late trade despite boss is narrowing. Shares are up more than 1000 this year as investors bet on strong ev growth in china. The market value became higher than General Motors in october after selling 5000 cars a month for the first time. Revenue was up three times from a year ago to 690 million. News that tesla is to join the s p 500 sent the stock surging, adding yet more fuel to elon musks personal fortune. Shares jumped as much as 15 , lifting his wealth by almost 12 billion to 114 billion dollars. Tesla will join the index on december 21 as the most valuable new entrant in the s ps history. Ballooned 90s billion this year, the biggest gain on the bloomberg billionaires index. One of chinas largest Career Services is set to be considering a share sale in hong kong. Shenzhen listed it as an ipo that made the business for a secondary listing. It looks to raise around 5 billion u. S. Dollars. It has seen demand for Parcel Delivery surge this year because of covid19. The Companies Founder the companys founder is the 14th richest man in china. Here is how the japanese yen is looking at the moment. We are seeing a steady gain across the asian markets and as we see right now, breaking news out of japan, we are getting those export numbers, and japanese october exports down. 2 year on year. This is really beating estimates. The expectation was of a drop of more than 4 . And it is also coming at a time when we continue to see japanese exports plunging for the past 22 months so its really close to actually growing and getting back in black. Imports year on year dropping 13. 3 , which is actually missing expectations. Ofis still slowing down exports or import drops from the previous month. Of course, we do have some demand concerns in japan, renewed lockdowns to fight fresh waves of the coronavirus around the world, and that is really leading to some of those numbers being muted. The trade surplus coming in at 872. 9 billion, a much bigger surplus than was anticipated and is also widening from the previous month. Coming up, robinhood is said to be considering an ipo next year after a blooming volume on its Trading Platform, that is popular among novice investors. Details in a moment. This is bloomberg. Haidi robinhood, the Trading Platform, popular among novice investors, is said to be seeking advice for a potential ipo next year. In september, it said it had raised 450 million in a funding round, lifting its valuation to 12 billion. Our deals reporter joins us with more. What are the prospects when it comes to the underlying profitability of their business . Regularhood is not your company. It is a Trading Platform not or charlesameritrade schwab, so it is a Business Venture capitalists. Our reporting said, they are seeking a listing in the u. S. And the First Quarter of 2021, and they are seeking pictures from potential advisors pitches from potential advisors. We will learn more as time goes on. Shery how is robinhood doing as it comes to customer complaints . We have seen a hacking spree. They have also had some complaints from customers not understanding their services. Where do they stand . Is not robinhood entirely without controversy. They had a hacking spree just than 2000 and more accounts were compromised, but that is actually more widespread than that. Than 10,000 of them actually were compromised. They were affected in that hack. We also remember, in the beginning of the pandemic, they were attracting a lot of young, you know, gen z traders. Some traders were not sure what they were looking at and it led to some very unfortunate events where one committed suicide after thinking he lost a bunch of money on the platform. So actually, they are addressing all of the issues, and the fcc are also having a probe on robinhood. They have fixed scrutiny. Will definitely impact their ipo and we can definitely expect a very long risk factor. More than 400 complaints in that period in the first half of the year, which is a lot more than what its competitors would receive. What is the competition landscape, particularly when it comes to their targeting of the democratization of finance type of approach they are taking . Crystal robinhood has produced a lot of educational material. They have a lot of content. In that regard, it is more competitive in that specific demographic compared to competitors, which is the ameritrade, for instance. They really do have an advantage in that they have introduced a lot of people to trading, but a lot of their traders actually graduated from robinhood so whether they can retain the dominance in that particular demographic is still a question. But right now, it is extremely successful. They have 13 million accounts on the platform, so we shall see. It is a very widespread, you know, pandemic. It led a lot of people to get into trading. Shery crystal tse, our bloomberg deals reporter with the latest on robinhood. Coming up, dds has been the good news story for banks. The ceo joins us for an exclusive interview from the sidelines of the new Economy Forum. This is bloomberg. Bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. You may already know that goodrx can help you save up to 80 on your prescriptions. Unfortunately, Many Americans cant get to a doctor right now. The good news is that for many Health Issues you can see a doctor online. Its easy. Just go to goodrx. Com and with a few clicks youll be treated by a licensed medical professional all from the comfort of your own home. Visits are confidential and affordable. Need a prescription . Your doctor can send it to your pharmacy or have it mailed to you. Get the healthcare you deserve at goodrx. Com. Shery welcome to daybreak asia , from bloombergs World Headquarters in new york. I am shery ahn. Evacuate. Haidi i am haidi stroudwatts in sydney. Asias major markets have just opened for trade. Shery how top stories this hour, it just an uncertain start aner u. S. Asia faces uncertain start. Escalating virus numbers the u. S. Ramps up pressure on china as the fcc considers banning Mainland Companies from american exchanges. Regulators could size the lack of access to official audits. We hear exclusively from the head of singapore bank, dbs. India asks the lender to rescue struggling banks. Of the marketall action with Sophie Kamaruddin in hong kong as we have japan and south korea coming online. Sophie starting with japan, we had october trade data this morning showing the export picture improving with contraction coming in slower than anticipated. Besides that, we have Downside Pressure for japanese stocks. The nikkei 225 falling below 26,000. Topix under pressure. The yen trading near a oneweek high. It could happen at treasury yields declined further. This amid caution on rising virus cases. Local reports in japan saying tokyo is preparing to raise its virus alert to the highest level. Lets turn to south korea. We are watching case counts, which have been on the rise area we are seeing upside moves of the kospi by. 5 percent. Keeping an eye on Samsung Biologics as well, but stopped gaining 2. 6 this morning, and it has entered a partnership with eli lilly to manufacture its covid treatment. Keeping a close eye on the korean won, we are seeing it continue to strengthen this morning. 1100, the redline when it comes to expert competitiveness. Flipping the board to tech in on the antipathies this morning, upside moves for the asx 200 ndxe the index 250 is 250 is losing. We saw the russell 2000 clinched a new alltime high at the opening rotation where china continued. With the increasing concerns around infections in the picture, that did drive a move to havens overnight so the aussie and testing the 76 level this morning. Shery. Shery lets get more on the markets. Our guest joins us from new york. Great to have you with us. Sophie was just talking about this rotation to cyclicals that we are seeing not just in the u. S. , but even in asia as well. Where do you see the opportunities Going Forward as we continue to see a resurgence of the coronavirus pandemic . Indeed, yes, we are seeing encouraging news on the vaccine front. A positive reaction across markets with rotations from tech and other lockdown sectors including energy and local banking sectors. We have also seen in emerging markets the rotation to value. Potentially, i see opportunities in currencies benefiting from that positive risk sentiment and also the potential return of the weaker dollar trend. Shery will the weaker dollar be threatened by a potential safe haven moves given we are seeing this resurgence in the virus . And what would that mean for emergingmarket currencies . Olga indeed. It is true that the u. S. Dollar is still the worlds reserve currency and the hiding place of risk aversion. Indeed, we need clarity on the strategy, especially in light of the resurgence. We need clarity in the fiscal stimulus. The temporary nature of this crisis points to a recovery towards a recovery and growth across the world. On the other hand, there are a number of factors pointing towards a weaker dollar. We have liquidity, the introduction of average inflation targeting by the federal reserve, record deficits, so those point towards a weaker dollar as well. And i would say that in terms of em currencies, they are not as cheap as they were in the early to thousands as measured by the exchange rates, but i would say it is not a unique story. Its important to watch growth diversions between the u. S. And other regions and the differential between real rates. On that account, i would say it is asia that stands to benefit the most from these weaker dollar trends, at least in the near term. Shery china really seeing those benefits. The gtv chart on the bloomberg showing rate differentials when it comes to Chinese GovernmentBond Offerings for american debt. The premium near the highest on record, so how long can we expect this you want strength while at the same time we know that beijing policymakers tend to rain that in . In . Ein that differentiall rate and the Growth Prospects will continue to drive strength of the korean won an asian currencies. Of course, chinas growth is slowing but even if we are at 5 Going Forward, that compares to just 1 to 2 in the developed world and the u. S. So on that account, it will be supportive for the korean won. Shery what about the rest of the chinese Asset Classes . We continue to see this tech story being played out. We have seen huge bids for the likes of alibaba, baidu, and other names, but at the same time, we have a change in revelatory landscape. Olga that is certainly something to watch out for. And on that account, i would say that the bond market in my view potentially offer a safer play in terms of Asset Classes. Have the support of significant flows coming into the Chinese Market on the back of inclusion on world bond indices. It will be supportive as well. Shery going back to the currency stories, how careful are you of potential value traps because we have so many different currencies in emerging markets with different economic fundamentals. Where are you seeing some of the pitfalls and perhaps more opportunities . That is exactly right. I would say that, indeed, while on average, they appear attractive, we need to differentiate and we need to beware of value traps. The fundamentals of those are deteriorating. I would put in that category brazil, south africa, turkey, columbia, and she lay. Chile. I would actually recommend to be tactical. This is what i would call trading rather than investing. If momentum is as positive as it is now, i would go along brazilian real, but you have to be very careful and watch those technicals alongside fundamentals as well. Shery where do you stand on Southeast Asia . They have not benefited from the resurgence after the pandemic and the recovery we see in northeast asia. Olga thats right. There has been stronger response to the virus in north asia while south asia has lagged, but i do ine a number of currencies south asia as well, like the Indonesia Group year, and we are seeing improving balance and importantly, valuations in those currencies are actually relatively attractive in hs so for that reason, i like them quite a bit. I another place, i think that do like the mexican peso still. Cofoundera yangol, and cio of a capital company. Thank you so much for your insight. Lets get a quick check of the first word headlines. Scott morrison has become the first world leader to visit the new japanese Prime Minister as he tries to build a coalition of likeminded democracies to challenge chinas ambitions in asia. He and Yoshihide Suga signed a new defense will following the socalled talks in tokyo last month. Goto news says it is the Legal Framework for each country to collaborate on military exercises and humanitarian work. The nomination of judy shelton to the feds board has been blocked in the senate, and Mitch Mcconnell after covid19 exposure for force two into quarantine. Short the votes needed. Mcconnell switched his vote to know when that became apparent. No when that became apparent. The u. S. Is seeking to drop charges against former Mexican Defense minister, salvador. Should insteadhe be investigated and if appropriate, be charged in his own country. He was arrested in los angeles last month and on thursday, he pleaded not guilty to charges that he helped you Notorious Mexican Drug Cartel while he was head of the military. Thestrongest storm of atlantic Hurricane Season continues to batter central america, hurting a region reeling from a deadly system two weeks ago. It is the most powerful storm in a record year and came ashore in nicaragua with winds of 250 kilometers per hour. It crossed the coast close to where a hurricane landed and killed at least 100 people. It is the 30th named storm in the atlantic this year. Those are your first win headlines. Next session of the Bloomberg NewEconomy Forum is just getting underway with opening remarks from the executive vice chairman and ceo of the china center for International Economic exchanges. We will bring you some big voices from the forum this hour, including young the tokyo governor including the tokyo governor coming up in a few minutes. We will also hear from hillary clinton, and the mastercard ceo. This is bloomberg. Shery the fec is pushing ahead with a plan that could see Chinese Companies kicked off chinese stock exchanges. They plan to crack down on companies which do not comply with rules that require a review of audit. International editor, Jodi Schneider, has been tracking this story. What do we know about the steps that got us here and what has changed about the pressure for the sec to do something . Sec is pushing ahead even late in the Trump Administration with this plan, which would threaten to kick Chinese Companies off of u. S. Stock exchanges. This is the latest clash between washington and beijing over these kinds of rules and the officials have been moving quickly on the role since august when a group called the president S Working Group on financial markets, that includes the chairman and treasury secretary, they urge the regulator to pass these new restrictions and they could go into effect as soon as 2022. It is an unusual move because the agencies stopped issuing new policies after the president ial election, when a new party would be in power. Likely, the role would be finalized before President Trump january 20 but it looks like they will push ahead with this vote, enforcing the republicans and democratic commissioners on the sec to go on record and state whether they approve of these new tougher rules on Chinese Companies. News. We have breaking President Trump firing the director of cyber agency after an election statement saying the recent statement on the security of the 2020 election was highly inaccurate. And the president also claiming that there were massive improprieties and fraud, through a tweet. President trump to make unfounded claims of fraud that have not been backed by his own officials, and he has now fired the director of cyber agency, chris. He had enjoyed bipartisan support for his role in helping iran secure u. S. Elections both in 2018 and 2020. As we see the waning days of President Trumps being in power, we have already seen a few firings, including mark esper. Are we going to continue to see more chaos as we had to january 20, when president elect biden is supposed to take office . Not a surprise that we are seeing these firings. This is something that concerns many people in washington not only because of it happening this late term when a new president will be taking over on january 20. That much is clear even though President Trump has not conceded. Is to take narrative action against what he is saying was, you know, impropriety during the election. There has been absolutely no indication of that cyber or otherwise. Mostmatter of fact, alleging fraud at the state level, the Trump Administration it has been talked out. This appears to be yet another move by President Trump to basically try to continue this narrative that he feels the election was unfair to him, but this is, you know, yet another firing. There have been other rumors that they are making more firings, that this comes on the heels of the defense secretary being fired as well. Shery Jodi Schneider in hong kong, our bloomberg Senior International advair. Back to our coverage of the new Economy Forum. Barringer modi says he aims to attract Foreign Investment to modernize the country part urban centers as a nation tries to rebuild from the worst economic downturn in decades. He gave the keynote speech on the second day of the Bloomberg NewEconomy Forum. It had given a chance to accelerate our process of making cities more livable for people. Better housing facilities, better working environment, travel. Our cities cannot respond without availability of affordable housing. We launched the housing for all program in 2015. Im happy to note that we are well on our way. 10will deliver more than million houses to aspiring families in urban areas before the development of 2022. Looking at the conditions created by the pandemic, we also introduce an affordable rental housing initiative. The regulation act. Also, this has made it more customer oriented. Sustainable mobility is key to creating resilient cities. We are on track to deliver growth to thousands in the country by 2022. How are made in india push has led to development of tremendous capacity for production of transportation. Us makeing to help sustainable transport growth in a big way. Is an important enabler in the journey of a smart and prosperous indian city. Cityology helps manage a and build connected communities. Future. Ooking at the a major chunk of education, it may, shopping happen online. Our cities need to be ready for the convergence of the physical and digital worlds. India it is helping create capacity towards this. We have created two state processes. It was a nationwide competition ofolding the philosophy competitive federalism. That was narendra modi, speaking at the Bloomberg NewEconomy Forum. Lets stay with the forum and we will be hearing from the tokyo governor. That comes after the local media has been reporting the city is preparing to raise its covid alert to the highest level as the virus spreads. Listen in. Of these efforts, we have established the tokyo financial award to recognize businesses in japan and abroad that promote esg investment. In 2017, tokyo became the first local government in japan to issue green bonds. This year, we planned to issue approximately ¥30 billion or 290 million u. S. Dollars in green bonds to create a more sustainable and environmentally friendly tokyo. Establishednth, we the tokyo office in hong kong to provide support for Companies Looking to expand into tokyo. Selectedon, tokyo was as the worlds most livable city in 2025. The american magazine Global Finance in recognition of our ongoing efforts to enhance quality of life. Finally, i would like to talk about the tokyo 2020 games. We need to focus now on the fight against this invisible enemy to provide a safe and secure environment for all. It is my sincere hope that we can make the games a symbol of and strengthen bonds for humanity like the antwerp games of 1920. Just after the socalled spanish flu epidemic. Much for yourery attention. Im looking forward to seeing you soon. The tokyot was governor speaking at the Bloomberg NewEconomy Forum taking place this week and of course, we have more from the forum later in the day. We will be hearing from hillary clinton. The indonesian finance minister will be joining us and the mastercard ceo is with us as well. This is bloomberg. Here is a quick check of the latest business flash headlines. Saudi aramco new bonds to finance the 75 billion dividend return into the markets for the first time in more than 18 months. It took the decision after week oil prices caused profits to fall by 45 , leaving it unable to generate enough cash to meet payouts. Most of the dividends go to the saudi government, which needs the money to plug in widening budget apposite. Apple screen supplier cn and ovations is said to be weighing the sale of its cover glass business for as much as one billion u. S. Dollars. We are told the Hong Kong Company is working to identify potential buyers of the units which makes glass for mobile devices and wants nonbinding bids in the coming days. It traces its roots back to 1935. Its founder is the founder in law of hong kong billionaire Southeast Asias most valuable company is raising forecasts for its two key businesses as the surge being in revenue surge in revenue shows it is meeting demand. Loss also doubled to 420 million. It now says that its Digital Entertainment revenue will surpass 3 billion with ecommerce also leading initial projections. Heres a picture across asia. We are seeing Downside Pressure with the nikkei falling from that 1991 high. The kospi unchanged at the moment. We have the asx 200 gaining ground and at the highest level since february. The kiwi index is down right now and coming down from that record high and 12 sessions of gains. Ahead of Southeast Asias largest bank, joins us exclusively from the sidelines of the new Economy Forum. We will have plenty more. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Haidi this is daybreak asia. Twitter and facebook have been challenged by lawmakers in washington amid accusations that they are failing to moderate online speech and censoring conservative views. Jack dorsey and Mark Zuckerberg answered questions about social medias role in political discourse. Both were criticized for what republicans say is unfair bias. U. S. Market regulators are pursuing proposals that could see Chinese Companies kicked off stock exchanges in new york. They are weighing punishing firms for not complying with. Uditing rules the u. S. Has claimed for years that Chinese Companies dont let inspectors review their accounts. China is urged to set Economic Growth targets over the next five years. That is down slightly from its goal. Saysior Research Fellow they may fluctuate because of coronavirus. President xi aims to double the size of the economy by 2035. Japan is sending mixed trade messages with imports missing expectations. Declines narrowed for a fifth month despite surging virus numbers in key markets. 0. 2 alue of exports fell from a year earlier. Analysts had expected a 4. 5 decline. Those are your first word headlines this hour. Shery heres a picture of the markets right now. Currencies are trading across asia. The japanese yen seeing a little strength against the u. S. Dollar. The japanese yen one of the biggest gainers in the new york session as well. Dampening risk sentiment. Japanese stocks falling from that 1991 high despite the fact that export numbers are beating expectations. Not a lot of movement on the yuan, but p. R. C. Is also under pressure. Central bankers remain concerned about their economies even as stocks rally on hopes that new vaccines will get growth back on track. Kathleen hays is here with the latest. Jay powell still saying the recovery continues even as he acknowledges the virus threat. With virus cases rising by the day, it is hard not to acknowledge it. He did say for now what he sees is the u. S. Economy moving ahead. Down the road, may be the picture gets a little rougher. Lets listen. With the highres now spreading at a fast rate, the next few months may be challenging. We are not going back to the same economy. Kathleen what hes concerned about, there could be a loss of confidence among consumers and businesses if the virus is not contained. You are scared to go anywhere. You are scared to shop. Sales today were the weakest in six months. Still rising, but getting weaker by the moment. Lets look at a bloomberg chart. Side, far righthand several months of gains. 18 back in may. That tiny gain isnt disappearing. As the virus comes back, will people be afraid to go to the store . The former federal bank of new york president today said he thinks these weaker retail sales are a sign of things to come. This reportedly covered the first half of october. I think it is interesting that powell also said regarding the vaccine, it is good news, but the economy has a long way to go. Vaccines are out there, but they are not in place yet. Haidi Global Economics and policy editor kathleen hays. Lets get back to the Economy Forum where we are hearing from the former u. S. Secretary of state, hillary clinton. Only rustlingot with, but actually trying to solve for some of these problems that have been made worse by the pandemic as we try to recover from the economic devastation. I can only hope that both businesses and governments are taking into account the very real cost that should be calculated in whatever aid is provided, whatever regulatory changes are contemplated, as we move forward from this point. Just ae it is not publicsector role. It is a private sector role as well. Corporate responsibility in terms of policymaking, but how much we see the role on Corporate Leaders to tackle diversity, to tackle a smooth working Financial System talk to address trying some of the inequalities you see at the moment. I think that what the secretary just said, covid has brought some of these inequalities and challenges into greater focus. But these problems have been there for a while. The fact that africanamericans dont get access to credit the same way, the fact that Women Entrepreneurs dont get access to the same finances to open their businesses, there is a statistic that 80 something percent of women owned businesses dont have adequate financing. If they were to get the same financing as male businesses, we could get up to a 5 trillion increase in global gdp. The facts speak for themselves. Weve been trying to get a commitment to the financial included world, getting them at identity and positive social benefits. Weve done that. Commitment toe a reach 250 million of effort million for00 blackowned businesses. Us to all is time for say that the best way to grow our businesses is to make sure the communities are healthy and growing. Well in our interest to do and to do good at the same time. Caroline i like that turn of phrase. Minister, it is interesting how indonesia is reflective of the United States at the moment. Southeast asia is worse coronavirus outbreak in indonesia. You are also a consumer dependent economy. The sme is the backbone. How are you looking at regulation right now . I know you are looking at boosting investment, creating jobs, cutting red tape. How are you thinking about that in indonesia . [indiscernible] we also put a significant increase on the social safety net. Many of theuse working from home, no school, so all this is directly affected. Support forlot of the small and medium enterprises. We put Additional Resources to give additional access of capital. [indiscernible] we do have a regulatory forbearance for the Financial Sector. We as a middle do betterntry want to under the crisis. That is why the government of indonesia is doing ambitious reforms. This is exactly what you just said, caroline. [indiscernible] this is one of the biggest fundamental problems. Issue inddressed the credit, of the permit, andto establish companies, the last one, when you talk about inequality, it is actually withing even more severe the internet connection. [indiscernible] these are all the areas the government looked at the we want to be coming out as a winner. Done a lot ofhave work when it comes to the Digital Divide. How are you looking at infrastructure . How are you looking at ensuring the Digital Divide isnt leaving people from an education perspective . The Digital Divide israel. About thest talking islands of indonesia. Heres another side to that. There is a pattern in my thinking around getting women to be in power. Many women in the world do not have access to the internet. That is a disproportionate burden to them. Withof this is to do broadband infrastructure and satellite infrastructure. A number of companies are experimenting with the ability to use balloons to transmit signals into remote areas. These are interesting developments. There is the question of fallibility of course. Here are ways to subsidize then there is the question of, if you understand how to use the internet but you are not educated enough to comprehend how to benefit from it, even if you understand, there are serious issues with cybersecurity and the management of your data, which have made People Like Us nervous about how information is used or accessed. There is a great deal of energy that needs to go into the idea of digital. It could be the ultimate democratizer. But we have to watch for things like the Digital Divide. One last point. I chaired the International Chamber of commerce as well as my day job. I have making a plea to the World Leaders to put up a data and Technology Board like the Financial Stability board created after the last financial crisis. It enables the large countries to look at data and technology careconstructive way, about Consumer Privacy and safety, and i think something of that nature would be very helpful. Caroline a woman who knows a lot about coming out of the last global recession and ensuring banks are in the right place at the right time is secretary clinton. Now seeinge we opportunity for regulation, streamlining in regulation, and the relationship with policymakers . You know banks well having been a new york senator for years, but also Financial Services, there can be a smooth relationship, but people say you are too close to the banks. How do you advise the internet straight the administration coming in to have it more seamless . Ms. Clinton i really think that the emphasis for the new administration should be on the socalled real economy. That is not to take anything from the Financial Services sector, because obviously we know the Important Role it plays. But there has to be a focus on how we are going to get more people into the real economy. To havedo us no good interconnectivity if there is no reliable way of translating that information into economic opportunity. In the United States, there has to be a much greater focus on the reforms that are needed in our market system so that we do give a better foundation, a better starting point for people who want to get into small and mediumsized businesses. There are a lot of regulatory to theal hurdles creation and success of small businesses. I also think we have to look at our unemployment system. Post covidl stimulus was not sufficient. It really did not reach those people, the employees or the small businesses, that were in the greatest need. Weve got a lot of hard work to focus to to shift the the socalled real economy. I think that is what you will see from a bidenharris administration. If we dont get Economic Activity in the small and mediumsized business sector going again, if we dont get the support that people in the workplace need, particularly women, when it comes to family leave, childcare, if we dont get those pieces in place, we are going to have both serious economic and political consequences from the impact that the virus has had on an already shaky market system. Moment, we aree still waiting for any next stage of relief package to be agreed and we cant find that agreement across the aisle. How much help do you have that that can shift when the economy needs it . Ms. Clinton im hoping that there can be some agreement in the lameduck. Joe biden called for that. I thought that was a very important statement that he made. Do something now because people are suffering now and we are losing economic ground. But if nothing happens in the lameduck session, then i expect to see President Biden come forward with a comprehensive package of relief for workers, for small businesses, but generally for the productive economy. I know there is a role for the Financial Sector to play, but if you look at the data going back we really8 crisis, still have an overhang. And Asset Acquisition sustainment among so many families has never recovered from 2008. That is particularly true for africanamerican and latino and other families. Im hoping that something will happen in the next months before the new administration comes into effect, but if not, i have a lot of confidence that joe biden and Kamala Harris will do everything they can to forge a bipartisan consensus to help the real economy. Caroline talking of data, lets look at how that pole came through. 47 think that fintech is the way to help. To your point, focusing on technology and that particular area that is ripe for investment. In terms of data, tell us what you are seeing in terms of granular data as we hit the socalled second wave of the virus. Are you seeing that being born out . Absolutely. When we got into this situation in february, containment, stabilization, normalization, and growth. Stabilization may hit a bottom for the next couple months. Normalization is not really normal. It is a new normal. I now do 240 zoom calls in a week. Life is not the same. Countries are at some stage of that mobilization. Japan, singapore, they went through a sort of go backward period a couple months back. They are out of it now. As we go through equitable and wide distribution of vaccine and consumer confidence. My data shows that Consumer Spending domestically is in relatively good shape. Growing. Spending is gasoline, it is growing at about 6 . Crossborder spending, that engine of growth to the point the secretary was making, if you are employing seven people [inaudible] dont have the inflow of revenue to be able to manage. Fiscal,mulus package, not monetary youve got enough money in the system. We need fiscal stimulus. We need it relatively quickly. You can see Consumer Spending getting impacted again. Caroline youve done fiscal stimulus. But people arent using it, it would seem. Trillions of rupiah sitting around left unspent. How can you ensure that the money gets used . Pandemic is an extraordinary, unprecedented situation. When we decide what kind of policy response, we have to look at the data. For a middle income country like indonesia, a system is in place. When you dont have the perfect place, complete data in then your policy design cannot be implemented. I do hope this can be overcome for many countries in the world. When you put in more [inaudible] most of them are working from home. Policy as design the if everybody is still working with a normal situation. [inaudible] but we are not having this complete data yet for indonesia. That is the challenge for the social safety net. The issue of inclusion and exclusion. For the business, first, they supportng, is there any from the government it is critical for us to provide support. Down the airut conditioning because indonesia is so humid. They need to continue consuming electricity while they dont have any revenue. This is critical. What we initially calculated is that business is going to be normal. They are operating may be only 50 or 25 . [inaudible] area where we have to look at the data and really think, what is the best policy that can best support those affected. Comment, we may see that the worst is over in the Second Quarter of this year. But we see the rebound on the third quarter. But we still need to be very careful. In some countries there is a second wave. The most important is the confidence of the middle upper Class Consumer in indonesia. That has become the hurdle of the recovery. When they see the demand is projecting. That is very important for confidence. But confidence depends on whether conflict can be handled. Caroline health has got to be prioritized. It is being prioritized from the point of voicing that from the new administration. We are hearing a focus on covid coming from the president elect. The questions are coming fast from the audience. They are asking what specific types of legislation you might want to see to support that backbone of the socalled real economy. Ms. Clinton let me just make two quick points first. I think the minister made such a contribution, talking about confidence. Unless we get a return of real confidence, and i think that depends on the Vaccine Availability and its delivery then we are going to have a very long tail to the consequences from the pandemic. I just want your audience to know that president elect biden has taken the pandemic very seriously. He has a worldclass board of advisors and they just today said that the failure of the Trump Administration to engage in a real transition and to provide the data that only the government has about both the effects of covid and the reliability and safety of the potential vaccine, is delaying their planning to be able to literally hit the ground running on january 20, to start the very complicated process of final evaluation of vaccines and distribution and not just distribution in our own country, but globally along with partners like indonesia and others. When we think about legislation that can support small and mediumsize businesses and support workers who may or may not get their jobs back, i think we have to be very willing to look broadly about what works. I was a proponent of supporting businesses so that they would keep people employed during the pandemic. Unfortunately we have a system where people have to literally lose their job and then wait to get some kind of compensation. The protection Payment Program didnt help enough people. That needs to be looked at now. Using the data weve got enough data, i believe, to make some judgments about the best way to support people. We have to look at how we can provide more Government Support ough pure cure meant procurement, outreach, lending, to make it possible for more people to get their businesses going again. Proponent oftrong Community Financial development institutions. They need to be dramatically expanded so that there can be more money bubbling up from government and business and notforprofit sources to support the formation and continuation of businesses. There is a long agenda and i would end by saying theres been a lot of talk about stakeholder capitalism, conscious capitalism, but my people who understand the importance of market capitalism, Democratic Capitalism i think we have to take a hard look at how we can better frame how the markets work, so that we begin to move away from the shareholder centric approach, from the shortterm returns that practically every business ceo that ive worked with for talked with has said distorts the market. I think it is time to look at what can make capitalism Market Operations work much more effectively and equally, to help build a real economy by shifting