What we got from the mag sevens last week. The positive hand over into the wall street session in today, trickling through. This week we will watch out for alphabet and apple to see momentum being kept up for this part of the world. For now, we got samsung earnings being reflected in some of the green on the kospi as the earnings search came through think sewage chip business, returning to profitability. This is the ai boom helping stocks. But we also, as you mentioned, got that out of china and other manufacturing pmis for the interest for the official enticing numbers. Better than expected. Factory activity expanding for a second month. Encouraging signs showing that the chinese recovery seems to have legs. We see the csi 300 paring gains from earlier in the session. Samsung hanging on, but we are seeing the weaker chinese renminbi. There has been that chat about valuation about how beijing might have to take this controversial step. Do know that we did see a miss on the nonfitment nonmanufacturing pmi. The big currency move we are watching is the yen. Lets take a look at dollaryen as we see it stabilizing, its about 24 hours since it popped up of 160 then extended their rebound really sharply. No confirmation there. We have the finance ministry stepping in. The top currency official says they will disclose results at the end of next month, but i had of all that, something to consider is the swings in dollar yen in the past two sessions coincide with what we saw in late 2022 where we did see intervention. That was confirmed by the finance ministry. Something else to consider is how the likes of bank of america say there needs to be continuous intervention in order to keep dollaryen below 155 till the Third Quarter of this year. Haslinda will it, wont it . Our next guest thinks the japanese governments intervention will have to persist if we want to stabilize the currency. Lets get the views of apac effects and macro strategist. Theres no point intervening once, you need to intervene to support the currency. I guess the experience back in 2022 shows us that it has an impact. I think the timing was chosen perfectly so was easier to move a very big market. But as you pointed out, intervention does have limits. After five yen figure move, i think it is enough to send speculators a message that it is not riskfree to keep chasing the dollar yen upside. Until we get a fundamental change in the macro backdrop. It is difficult for the dollar yen to reverse. Haslinda what do you make of that great differential . That is whats driving the yen lower and with the fed expected to remain hawkish, this week, whats the outlook for the currency . Likes in the near term we can expect very little relief. But i think on a shorterterm level. Intervention does have to stabilize the speed of decline. On a nonmediumterm basis i think you pointed out that differentials can remain wide for a long time. In order for the speculators to stop the yield carry trade, a few things need to happen. You give volatility in the fx market or it becomes very untenable to hold the yen short positioning if the your dashiell differential gets narrow. The boj is forced to do something and we recently upgraded a call for boj to hike in july. Haslinda whether boj or ministry of finance intervene, we look at a level of 156 and change. Thats not that much stronger. It wasnt until long ago we talked about intervention out 150 and 160. At movement we look at 156. It is a very weak currency. To the extent it is making headlines in the japanese local media on a daily basis, hitting for your lows it has actually became some sort of a political issue. I think the growing chorus of the public discontent could also be an additional angle that the politicians might exist some weight of boj. Even though fitting through inflation is not high. It always happens with a lag. I think there could be new forces in play. Haslinda china and the pboc must be looking at the yen movements very closely as well. What do you make of where it is headed . Some are suggesting the stability in the currency would provide stability in the yuan. I think so far the pboc has been doing a great job. The market is not testing the pboc. But i think you pointed out to the fact that chinese strength is strengthening to the likes against the japanese yen. Even if you look at the fixing pattern in the past two weeks, they have been allowing chinese he until we can gradually. I think that remains the playbook. They dont want disorderly move. They are actually drifting weaker. It would not be unimaginable that we get to the point that last october we saw 735 on the chinese yen. Haslinda for traders, how should they be positioning, bearing in mind that the data so far that we are getting are pretty encouraging. Pmi beating estimates of 50. 4 versus 50. 3. Is it enough to bring back confidence in the currency in the economy . Actually, data wise it has been encouraging. Even though it has been january, february and consumption data was not good. I thing even as we are getting some signs of economic stabilization, we are hitting another risky event, which is the u. S. Elections. On that site it could be a hurdle for the chinese to strengthen too much so as to not be labeled as a currency manipulator. Therefore, thats where we are looking at the yearend target. Haslinda we have looked at dollaryen, yan yuan period we should look at a cross between the yen and the euro. Attach 170, the lowest level ever since the euro was created, what do we make of them, what is that suggesting . Likes i would say it is beyond euroyen, dollaryen, swiss franc yen. I think it is a yen move. There is an increasing loss of confidence in the local currency to the extent that local inflation is two point 5 , 3 . It is a real Interest Rate shortfall. That is getting in the danger zone if the mof and the boj doesnt address the issue. I think it has gone beyond just high external weights. It is becoming a local issue, but they have to improve the real Interest Rates of japan. Haslinda what are your conviction calls for 2024 . Right now it is still along the aussie against the swiss franc. For us to find a funding currency with lower volatility, the swiss franc is attractive. We have the cutting cycle in june followed by september. Speculative condition is getting rich. It is difficult to find an alternative. Long aussie there are fundamentals and play. It is a stronger economy, tight labor market. Rba is cutting in february next year according to the forecast. I think this currency can withstand Dollar Strength in the near term. Haslinda in terms of best carry trade for 2024. Carry trade wise, shortterm, the yen remains on the back foot. I would not try to chase it much weaker given that we are hitting holds. Beside the first swiss franc, on a local basis we like the taiwan dollar. As i mentioned before, as we head into the u. S. Election, the potential for massive rebound is actually very limited. What the cost of carry of 2. 5 , the chinese yen is popular. Haslinda why dont you mention the indian rupee is the best stable trait . Rbi has supported the indian rupee and some say that its possibly the best bet. I was mentioning the short side. Indonesia rupee has shown us they will defend against a currency. Indian rupee has the story of one inclusion, besides the fact that the fx is a great deterrence. In the rupee we might against the haslinda could it be a surprise for the u. S. Election at the end of the year, what might that be . Likes with regards to the u. S. Election, i think the risk is actually the fiscal policy of the trump administration. The first time he saw he was very profiscal spending. It could offset any fed cut. That is a big risk. Locally, i think it is the risk of the Asian Financial crisis. Asian currencies are breaking above the limit. Debt could actually hurt the local currency. Haslinda no sign of it happening . Thank you so much for that. Ubs wealth management. Still ahead this hour, the ceo of southeast asias largest used car online marketplace. We are talking about karo. They will join us for an exclusive interview talking about how the firm is getting ipo ready, planning to raise over 100 Million Dollars this year. We also look at the price of success here and the lion city where people enjoy some of the highest standards of living, but also one of the most stressedout societies in the world. Keep it here with us. This is bloomberg. When you automate sales tax with avalara, you dont have to worry about things like changing tax rates, exemption certificates or filing returns. AvalarAhhh Ahhh Ahhh ahhh haslinda lets check in on how samsung is doing after the earnings beat expectations. A chip rebound led by a i demand. Avril hong has the details. You have to wonder how long the ai story will persist. There is skepticism, but the latest tech company is able to turn this buzz word translated to help is bottom line did see its earnings surge. Boost to profitability. This is the first time we have seen it since 2022. Its amid concern about that severe downturn. First signs of recovery in the chip business. Note that we did see a myth relative to expectations. Its net worths business, but that is still a pretty outstanding business. It actually sees that chip demand continuing for this quarter as well as into next year. Outpacing the gains in sk hynix. This is something we havent seen in the past year. As you know, sk hynix as well as nvidia, they have been benefiting from pure play in ai. Sk hynix has an advantage even though its a smaller rival because of its high memory. That is something that powers the ai nvidia accelerators. It will ramp up supply off highbandwidth memory. Interesting to see how this david and goliath battle shapes up. Haslinda ai hype may be waiting from taiwan stocks. Avril hong, thank you so much. Investing directly crypto head debuted in hong kong today. Local units of china Asset Management and partnership between brochure Asset Management, each listing bitcoin and either etfs. Its potential competition for u. S. Bitcoin products, whose popularitys stop a rebound rally this year in the digital currency. Lets get back to the Hong Kong Exchange web. Annabelle droulers is with our next guest. Annabelle this is the ceo joining us this morning. Lets just understand the structure of the partnership because you are issuing it in collaboration or partnership with becerra. What are each of you bringing into this . This is a joint effort between becerra and ascii capital. Its one of the top managers here globally. The best of traditional finance to this product. Its one of the biggest and leading players here. We are the best in web tree here in hong kong and globally. We helped to bring the web tree investors to our product. Annabelle its something the other two issuers dont have a longstanding strengthen. Tell us more about hash key group at the level, you also have other parts of the ecosystem that you are drawing up our one of them notably as hash key exchange. It can act as a custodial services, how is that helping you alone or is it helping your Fee Structure . Click says you said, it is an ecosystem. Our business ranges from vcu vesting, Tech Infrastructure to platforms like regular exchanges, custodians. We, as a whole, can offer our investors better experiences, but also all the resources and other networks to our users and to our ecosystems. Annabelle it makes me think what will the demand be like . What do you see from the web three space, crypto natives versus what you seen from Institutional Investors . This historical product for hong kong, not just for hash key and becerra and traditional finance, its also a bridge that connects investors to traditional backgrounds. It gives easier access, more compliant, more easier coverage of our web three ecosystem. What sort of demand are you seeing . Annabelle what has been from the web three space and institutional . From our communications, our exchanges from investors. What i see his tremendous amounts from both sides. If roughly, i would say 5050. Annabelle that is a large pickup from the web three space. Point of difference. The 3008, 3009, there is a process in hong kong where you can make a charitable investment to hkex and you made 200 million for those specific tickers. They are suspicious, the eight and nine numbers. A lot of people in hong kong remembers its not by the name of the issuer. Does that tell us you are going after a retail cloud crowd . Quex thanks for bringing this up. We did this for a charity to help the Charitable Foundation to benefit the people who has the need. Besides this, the group also announced that our bitcoin initiative, we work with green bitcoin alliance. Are you going after more of a retail crowd . Do you think by having tickers, its easy for people to remember . This definitely will bring an advantage to us for the investors to remember it and to be more easily accessed. The retail shows their interest in a demand world thats healthily growing. Institutions, the number will also bring them not just good returns but also good luck. Annabelle hash key has a presence, given you got a license, what kind of conversations are you having around etfs for crypto products and those other markets as well . Click sour strategy at the group level is that global coverage, local compliance. They work very closely with the regulators in all the jurisdictions that are open to web tree and crypto assets. Annabelle the most notable one as japan, korea and singapore. Who will be next to launch a crypto etf . We are closely monitoring the market demand as well as working closely with regulators. Now we are talking with regulators in japan and korea, in singapore, and also investors from the west. Annabelle that was hash key capital ceo. Haslinda binance ceo will be sentenced on tuesday after a guilty pre guilty plea from u. S. Money laundering. They want a three Year Prison Sentence for the crypto billionaire with a big take on how he could end up growing richer, jail or known shale. With an estimated 43 billion dollars in personal fortune. Plenty more ahead. Keep it here with us. This is bloomberg. Haslinda lets take a look at ev stocks. Byd trading up. Be ready at a chinese enter maker, First Quarter revenue missed estimates. Its aggressive price cuts across most of its lineup a into its financial performance. Revenue grew at its lowest pace in four years up almost 4 . The eb giant international expansion, including selling models at higher prices is helping to offset its price more at home. Looking at where we are in terms of those byd shares. Intraday up by more than 2 . A potential partner share to provide china Mapping Software. We are looking up i do right now. Checking baidu shares up more than 2 in hong kong. The potential partnership to provide china Mapping Software on teslas forthcoming full self driving or fsd autonomous vehicle. Senior analyst robert lee thinks the deal will not make any material difference to baidus earnings, given the intense competition in the chinese eb market, which is increasingly dominated by local brands. But, teslas investors are seeing this as a game changer with shares soaring around 15 , best day in three years. The past five days elon musk has gained ground around 37 billion in net worth. That is his largest weekly gain since march 2020 two, just before he agreed to buy twitter for 44 billion dollars in one of the biggest buyout deals in history. Lets do a check now for a stock that is back trading after suspension. It was suspended on the back of the buyout announcement. The billionaire owner wants to make take the Skincare Company private in a move that could end its 14 year run on the hong kong stock exchange. That stock up almost 10 as we speak. In the broader market, asian trading higher, tracking gains overnight in the u. S. , was boosted by a strong start to the earnings season. Max seven didnt disappoint it all. Japan nikkei up by 1. 4 percent after coming back from that break yesterday. It is the yen that is front and center. Lets talk about intervention. At 156 and change. That intervention yet to be confirmed, plenty more ahead, keep it here with us. Her uncles unhappy. Im sensing an underlying issue. Its tmobile. It started when we tried to get him under a new plan. But they they unexpectedly unraveled their price lock guarantee. Which has made him, a bit. Unruly. You called yourself the uncarrier. You sing about price lock on those commercials. the price lock, the price lock. so, if you could change the price, change the name its not a lock, i know a lock. So how can we undo the damage . We could all unsubscribe and switch to xfinity. Their connection is unreal. And we could all unexperience this whole session. Okay, thats uncalled for. Haslinda china markets heading to lunch, this is on the back of the pmi data coming in better than expected. 50. 4 versus 50 point three. Chinese equities have been rallied back by regulatory support, losing some steam. But the latest pmi fundamentals look like they are improving, pointing to an economy thats trending in the right direction. Csi index down. Also under pressure in terms of the yuan, looking at 72428, weakening versus the usd down 2 10 of 1 . Chinas push to boost lending to support the economy taking a toll on the countrys megabanks. Avril hong has more. Avril we have seen a lot of chinese lenders being called upon to dole out cheaper loans to support the chinese economy. That is really putting pressure on the margins. Just looking at the chart you see how that was squeezed and it fell to a record low at the end of last year. And that is really impacting their bottom line. If you look at the next board, you see how they are reacting in trade today as we saw profits drop. For the likes of icbc and ad thing, this is notable because this is a time in the First Quarter where we usually see a surge in lending. Especially well to note how this squeeze in the margin is playing out. We have the likes of Bloomberg Intelligence saying they expect for the weakness in the margin. Margin contractions, indeed, as these lenders are increasingly leaned or called upon to cut lending rates to support the economy. Do note that there was the profit drop that flip the board. I wanted take you to the earning that we are watching out for today for hsbc. For this bang, the outlook for the chinese economy will be of consequence. Morgan stanley expressing confidence for their revenues. This is thanks to some of the uptick in the fee side of things in general. Haslinda numbers coming in at the top of the hour, avril hong. Lets bring in bloomberg mliv strategist mark cranfield. We talk about how megabanks are under pressure but sentiment in china in general is improving. Mark you cant have elon musk every day. Haslinda pmi encouraging seems to be in the right direction. Mark although we have been told like Bloomberg Economics and the underlying things are coming along very slowly. Probably not as quickly as the authorities would like to see. There is a little bit of traction. But by this time we are well into the second quarter. A lot of people wouldve been hoping that by now the escape velocity would be there, its not happening. There are pockets and some signs are quite good, particularly related to the tech sector, ev, Gaming Sector as well. But that wont account for the whole country. You still have this drag on the banks, which is good from the point of view that the risks are being concentrated in an area where people can see it fairly clearly is a good thing. These are very large institutions and they will weigh on sentiment for the market. Haslinda on balance, how do fundamentals look . We see the right sounds and questions from regulators, and theres some comfort in it. But how do fundamentals look . Mark if you are an investor, you will compared to what you see elsewhere as well. So, they are not that fantastic, but would make you want to shift a lot of money from parts of the world where the transparency is very good and you can see whats happening. This compares to the United States where we have just had already some of the Major Companies and people like the alphabets, microsoft, these kind of peoples, reducing the results very good, particularly on the ai side, which is the key dynamic. Thats the biggest narrative and will continue to be for some time. People can see whats happening. They probably have quite a bit of money at work. It does not give them a reason to shift the money from there to a space which is more opaque. They might see the numbers improving a bit, but not significantly enough to deter from a story they are fairly comfortable with. Haslinda the other preoccupation is the yen, and of course, there was intervention or not, regardless, if that was an intervention, that is not enough, more needs to be done to support the currency. Mark its very difficult. We havent seen the confirmation yet but the action, the way it happened, the language we have seen suggested a confirmation in the numbers soon. This time around, the situation is much more difficult compared to 2022. They fumbled the messaging, unfortunately. The traders can see through some of the recent moves. They were parsing talking partially. Now dollaryen gets to 100 60 before anything happens. Maybe it was the market correcting itself or maybe they had assistance. Either way, it looks too much like an emerging market reaction, not a g10 reaction. You would expect the g10 central bank to be much more decisive and you would expect them to honor the idea. When they talked about a 10 year move, that was 150 six. Nothing happened. Traders probably think, they dont have much ammunition or they dont have a commitment. Either way, it is not a strong message to fx traders. Haslinda is 160 it . You do get a sense that even traders dont want to see it breach 160 even further. Mark if there will be a line in the sand, they have to back this up with a lot more intervention over some days to absolutely get the messaging. To make 160 a line in the sand, they need to get dollaryen down to 145 to establish a big gap so traders can say this is costing me p l, i dont want to take this on again. So far we are only down a few big figures. Its not that far away. All it needs is a hawkish fomc this weekend we could be up there again. Haslinda how should asian banks look at the uncertainty in the dollar in the end, not to mention the yuan, the stability of the currency . Mark they will try to ignore it as much as it can. The real impact is on Interest Rates. This is the bigger lesson from the Asian Financial crisis. Currency moves were huge, they were very concerning. But what hurt asian occurrence was when rates went up 2. 5. That was the most damaging thing. They have been able to contain it because u. S. Interest rates have risen. In most cases asia has followed fully on the u. S. Moves and they do a good job of stabilizing that. As long as they can maintain that Monetary Policy like that, asia will be in a good place. Haslinda murmurings in the market that china could consider devaluing its currency. Great implications for asian currencies given that it plays a major role in the basket of asian currencies. How concerned should the markets be . Mark if they go ahead with the devaluation, even if its on the scope of the last one in 2015 was a relatively small one. It was a 2 move initially, it went a little bit further, but in the grand scheme of things, it was an enormous. If they did Something Like that again, it would have wide impact across asia. Everybody would have to adjust. This time around, maybe there is more warning, but i think its a last resort thing. China probably really doesnt want to do that, especially ahead of the u. S. President ial election. Who knows what policies will be on the other side of the break. China may well feel they have to react to whatever changes happen in the u. S. After november. They would probably want to delay. They probably want to delay as long as they can to see what happens in the u. S. Haslinda mark cranfield, bloomberg mliv strategist. Still to come, karo ceo tells us exclusively how he is getting the firm ipo ready as it plans to raise over 100 million this year. We discussed the price of success in the lion city where higher Living Standards mask one of the most stressed out societies in the world. Keep it here with us. This is bloomberg. three little birds by bob marley the wailers discover our newest resort sandals Saint Vincent and the grenadines, now open. Visit sandals. Com or call 1 800 sandals. at enterprise mobility, our experts always see another road. Because when theres no limit to how far mobility can go, theres no limit to how far businesses can go. haslinda welcome back to Bloomberg Markets asia. This is our india is doing. Trading in just under five minutes. In line with the rest of asia. Take a look at that. We have the nifty index also up. Of course, front and center is the rupee versus the usd. Asian currencies have been under a lot of pressure. The rupee, pretty steady at 8348 50. Lets talk about caro. This is southeast asias Largest Online used car market place planning to raise around 100 million as a gets ipo ready. That could raise devaluation to more than 1. 5 billion. Lets discuss the Expansion Strategy with cofounder and ceo. Good to have you with us. 100 million over the next 36 months. Where are you with that . We are almost there. I think we have seen a lot of interest from investors, globally. Generically because the company has pretty much outperformed on all the indexes that we have found. We have had growth profit targets. I think we are getting there. Im pretty confident that we will get it done in the next three to six months. Haslinda if you get 100 million more, that puts your valuation at 1. 5 billion. Do you think that is a fair value of the company . Is that the number you are looking at . Should it be higher . If you ask any founders i think the question is really what is fair value. If all that mattered was fair value, it depends on investors and as they do their valuations and research in stock, they will come to us what they feel is the real fair value of the company. If you asked 1. 5 billion or so, to be honest, its not far from what we had two years ago at that standpoint. If you asked me the valuation of one point 5 billion. I dont know what its considered, but i think it is at least market ready in that sense. Haslinda the plan is to ipo. The question is, when and where . This is the fourth year of the rating. In that sense, spending enough money over the last four years. So its very clear that from a posturing standpoint we are interested in the american stock exchange. Of course we are not going to put that dual listing in the markets home. We never say never. All doors are open. As long as it makes Financial Sense our investors, our customers, any company from that standpoint. Haslinda is it important because these markets will be more attractive if you talk to Institutional Investors eventually. Exits partially because of that. Theres a lot of investor interest in hong kong. And more recently in japan. The main reason is really because we looked at both markets and there is an extensive lift over the last year, year and a half. Those two markets are great markets. They are big. Cross Profit Margins are actually very attractive. Competitors in singapore or indonesia dominant. As we look at these markets we tell ourselves these are great markets that we can fully expand and bring it across the region into more specific markets. And to be absolutely frank, we look at life as a lot of investors will really understand the hong kong market. So they might have heard of japan and hong kong. Half of them havent even been to singapore. So, we feel that it is good for us and for the company to show we have grown and we can compete around the world regionally and globally right now. Haslinda talk about growth. Talk about the kind of demand you are looking at. It is a higher for longer environment. We see prices getting impacted and the willingness of people to spend has also been impacted. We are very small. Last years revenues were a little bit more. Lets just say that the whole industry we are in is across the asiapacific region just in the six or seven markets we have today. That basically means we are 1 to 2 of the market and the ceiling is far from where we are today. From that standpoint, we feel very positive about the future Growth Prospects of the company. Even year on year for the first foreseeable future is an extraordinary amount. The market is over 100 billion in we had one billion come online today. Haslinda here up bloomberg we have talked about how china is flooding the market with cheap cars and thats the issue with the u. S. And with europe. How are you looking at it . Is there potential of glut in the market and possibly pushing prices much lower than where we are . I agree with that. We are seeing that now in the markets we are in. In indonesia. Ev manufacturers. There are other brands to be made present in those markets. And thats where we get into indonesia funds. And it is supply and demand. We continue to predict and continue to normalize and come down. We dont think it will be that much more. At that level the manufacturers are not making that much margin. Haslinda hang tight. The search for success can be elusive and possibly nowhere more so than in singapore. A competitive Work Environment has led to an epidemic of burnout and mental illness. Bloombergs opinion columnist tells us its time for the lion city to recognize different benchmarks for success. She joins us now for more. It defined success differently, accomplishment differently. As you well know, there is a prescriptive route for success to success in singapore. And im sure you are well aware of it as well. Its all about gaining access to a good education, doing really well in school from a very young age, and having that Pressure Cooker mentality all the way through your academic life, getting the right job, then going on to get a flat with your partner, and a very expensive car, if you can afford it, and those at the trappings of success. But a lot of people in singapore are constantly feeling overwhelmed by this. On the statistics are quite remarkable and quite worrying because with they point to is the silent epidemic of mental illness, as well as a feeling of being really stressed out. The government is trying to tackle an approach by having these discussions in the open, as we have today, goes a long way to destigmatizing all of this. Haslinda one person in particular, 31yearold, retiree who says, there is a better way to spend your life. The question is, how realistic is that . In a country like singapore where its only resources people. I have to point out, and he has as well, that his case is really unusual. He has the liberty to be able to say at 31, i dont need to work anymore because he comes from a relatively privileged background. Not in terms of how much we know about his family wealth, but he has been able to park his money away from the time that he has been working. He doesnt have any debt or liabilities. He has made a decision not to get married, not to have children at this point in his life. So he sort of free. I think based on that he has said, im going to retire and he has done that at age 31 and more power to him. For the rest of us, how realistic is that, as you point out. I would be interested to know from your experience as a startup founder, when you think about going through life like that and in singapore, with the pressures that weve seen, it is very difficult in so many ways. Being in singapore is i have been privileged where i have stayed in many countries in my life. Ive stayed in the United States. Ive stayed at length in china. Ive stayed in iceland and all parts of the world. I feel personally selfinflicted. You have higher requirements of life. The interview he a decision not to get married in stuff like that. Thats on him in that sense. They in singapore, while there are a lot of complaints about being high, not resulting a lot of stress. I feel, personally, that i dont have that kind of issue. Not because i come from a privileged position. But because in singapore the cost of living is not that bad compared to america or coastal cities like even in japan. If you are living in a flat, it doesnt cost that much. For that matter, health care. We have extremely health care. It depends on what the person wants on the fundamental. Haslinda you are a founder, your bank threshold is high. Im curious to see what its like for those who work for you presumably being a start up, they are pretty young. How do they assess the stress levels . Internally we have about 4000 600 people. A good portion is folks that are between 20 and 35 years old of age. I dont feel like that they are stressed. The government has recently pushed out that stuff. A lot of folks in singapore tend to work from home. From that standpoint we give people that flexibly dm employer. Especially the Younger Generation of folks out there. We are forced to do that because if we do not give that flexible deal work, people wont join you. From my standpoint as the ceo of the company, i feel we have good employment policies where we allow them flexible work. We dont tell people can i get an mc, we dont do that kind of stuff. We work on the basis of integrity and trust. That hasnt been that bad. Thats how i look at it, it hasnt been that stressful as a company. The points you have made are important and heartening when you think about what culture, not just in singapore, but all across the world. I think its the Younger Generation that is making the change because they are demanding Different Things, as you pointed out. But, would you consider yourself an exception in singapore . By and large, the small, Medium Enterprises, the work culture that you have described, letting people work for four days at home and not having these checks and balances about whether you have an mc or not. From what ive heard, you are the exception. Haslinda what is the culture there . I think you may be right. I feel that a lot of the corporate send this part of the world in singapore, basically they feel like running a small, Medium Enterprise and i want them to work 5, 6 days a week. You are right. I do not know statistically where we are at, but i tend to think this is required moving forward because i do think the generation has changed. We do have to adapt as a company, otherwise we will struggle to a higher people and grow the company. To me, thats the key. Haslinda it is a very important conversation to have. Caro ceo in Bloomberg Opinion columnist, thank you for being with us. Lets do a check on indian markets. Seven minutes into his trading day, we see gains across the board for indian benchmarks. Indian rupee trading at 8348. You have it on your screen. Since x up. It gains for today. Plenty more ahead. Keep it here with us. This is bloomberg. Haslinda asia markets and the positive tracking gains in the u. S. Overnight. Semiconductor business turned profitable for the First Time Since 2022, reflecting Global Ai Development boom. The question is how long might that last. Chinese up 1. 8 percent, extending its gains. Sk hynix in the opposite up 6 10 of 1 . Lets look at the other Asset Classes we are tracking. The yen front and center. It is weaker versus usd down 3 10 of 1 . 15676. We are talking about whether or not japan intervened when the yen reached 160 for the First Time Since the 1990s. More ahead. 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