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It for granted that brexit will be smooth. Rishaad the governor of the central bank of the philippines joins us in the next few minutes. Indeed, the central bank in manila did keep rates on hold. Malaysia out later with the decision. 8502, Interest Rates in the philippines, no change. Or real Interest Rates are in negative terrain, with the philippines to hike in the inflationer or so, as eats away at that Interest Rate margin, sending rates to negative. 47 . Sophie banks under pressure to take action given inflation pressures. Malaysian cpi rose to an eight year high. Tore announced to announce the policy decision at 3 00 p. M. Rishaad 2 , that is what we have at the moment. Sophie how our markets tracking. It feels like the focus is back on central banks. We have not had a lot of surprises, but peru cutting rates for the first time in two years. That was a surprise. Is back on the fed, two key speakers over the next day or so , so watching for any hints as to the number of rate hikes this year, the pace of tightening, given that the American Consumer story may be stumbling. Take a look at the asian session. We are seeing declines in japanese markets. Down. 3 when it comes to the nikkei 225. It does appear this streak of yen weakness may be coming to an end but the dollar index posting two days of declines. Sydney stocksere, down by. 1 , but Southeast Asia just coming on line. Lets call it flat at the moment. Singapore stock struggling to see which direction they want to go. A couple of the movers we are netmarblethe good, trading above its ipo price, close to 3 , a Gaming Company that breaks away from the conglomerate denominated mold. Couple of brokerage initiating coverage. B in k initiating with a target 180,000 yuan, so a pretty good debut. Noble group is flat at the moment. This is a company that plunged 32 and yesterdays session. That was a 14 year low. Now i decline a 15 in the first few minutes or so of trading. From ander stepping down parting shot to shareholders saying, dont expect a return to profitability anytime soon. Reporting as expected in yesterdays earnings call, another quarterly loss of 100 it 30 million after that 130 million loss, this after 2016. Things are going from bad to worse, it seems. Rishaad thank you a lot for that. Lets get to first word news with paul allen. President trump has described former fbi director james comey as a grand stander and he would have fired him no matter the recommendation. He told nbc that the bureau has been in turmoil for months and james comey was not the right person to help it recover. The president had praise james comey during the campaign for the investigation of Hillary Clintons emails. What i did as i was going to find comey, my decision. You made the decision before they came into this room . There is no good time to do it, by the way. Paul saudi arabia is planning investments of up to 40 billion in u. S. Infrastructure. The announcement may come next week as President Trump this is riyadh. The white house confirmed the plans and said the president s played a critical role. Hope to reset relations after strains over the 2015 nuclear deal with iran. China said to be ready to support the hong kong stock market, creating a positive atmosphere on the 20th anniversary of the handover from britain. President xi jinping is expected to visit, and state institutions have satisfied funds to ensure stable trading. Known to have taken an active role in Hong Kong Market before. The doe is taking it for granted that the u. K. Will negotiate an orderly brexit. Mark carney says he may have to raise rates sooner than expected, but also said it presumed new adjustments to the new relationship with the European Union. Traders question the likelihood of that outlook, and that sent the pound down. We have assumed the process of leaving the European Union would be a smooth one. What does that mean . There will be an agreement about future trading arrangements, and that there will be a transition for an implementation from the negotiation to the new agreement. Paul global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Sophie on to our top stories. The Philippine Central Bank left its Interest Rate at a record low, saving ammunition as inflation pressures persist. Further with it the person who will take the top job at the bank in july. ,ou are a three decade veteran price stability will be a priority when you take the role of governor on july 3, but with inflation at the fastest pace since 2014, how will this shape your Monetary Policy outlook . Hello. Good morning. This, we areok at in an inflation targeting framework, and based on our own forecasts, we think inflation will be peeking around the Third Quarter and should taper off well within our target range for inflation, so that gives us some settings arerate still appropriate at this time. With that pace of modern inflation coming to a not likely see a move in the rates likely as economists expect . It is still data dependent. Baseline effects are still in play at this point. As i mentioned, since we are this acceleration will taper off soon enough, so at this point in time, there is no compelling need to review our Monetary Policy. From our perspective, the upside risks to inflation are more related to our forthcoming tax reform proposal. Inflationarythe impact of that is likely to be transitory and should wear away soon enough. We are looking at real Interest Rates, which are negative in the philippines. You say you are dated dependent data dependent, you have to hike as you cannot surely go on in a position like this . The situation is under review , and we look at that situation every six weeks, so as i mentioned, the monetary board yesterday considered a whole range of factors, and based on that assessment, there is no reason at this time to take action. Right, lets talk about foreignexchange, also remittances. Are you happy with the state of the pace . Are you comfortable with this level . At what level which you be uncomfortable . Rate has beene determined by market forces, and that is the way it has been. Largeily there are volatilities that are moving at, then that is the only occasion where we do limited intervention, but our agenda for continuing financial reforms continues, and that includes our review of the conditions under which we manage fx controls. Gdp for the philippines grew 8. 6 , the fastest since 2010. What is your assessment of the economy, and do see potential headwinds given china or the volatility in commodities prices . As the domestic isnomy is concerned, it driven by robust household consumption, private investment, increased government spending, and there is a lot of liquidity and sustain credit growth, said the domestic conditions are in good shape here it as far as external headwinds are concerned, the outlook seems to have significantly improved based on recent assessments, like the imf in its latest World Economic out look, although there is recognition that there are downside risks, but the economy at this stage has developed a lot of buffers to be able to manage any situation that might arise. Thank you so much for your that is the incoming governor for the Philippine Central Bank. Still ahead, we will be talking asian growth with general electrics vicechairman life from the World Economic forum. Rishaad china ahead with its oil and road project. Every partner is keen to get carried along. We will look at the economics with data analytic a. This is bloomberg. Sophie china welcomes World Leaders for a summit on its ambitious one belt one road west link. Rishaad what kind of challenges are coming up . Persuading people this is more than a branding exercise. Part of that will be talking about financing. China has made progress on that setting up development banks. Of 240e combined funds billion. They will need that to convince private investors to get on board, because there is a cap between public and private funding. Public andeen private funding. They want to convince investors that they have the mechanisms in place to ensure adequate funds. The other part will be convincing the world that this is not about china pushing out its sphere of political influence. There are concerns ranging from russia, europe, the u. S. , as to what chinas motivations are with this huge economic, diplomatic, and political push. There has been pushed back in some countries where these infrastructure objects have been put in place. In myanmar, even in europe with to budapest railway, some controversy around that. So there are some issues that china will have to iron out. Will be at pains to express that this is about globalization that will benefit all parties involved. These conversations will take place over sunday and monday. Thank you so much. Rishaad our next guest doubts the initiative will offer china reliable alliances. He is with us now. Why the skepticism here . Basically, there has been a lot of Media Coverage and hype, but the one bell, one Road Initiative is still in its very early stages. The state onis banks and state owned funding is and the that early stages. There has been pushed back from banks worried about their own Balance Sheets and capital controls. The banks are worried, but in china, you can push back only so far. Sophie tom did highlight that china is trying to bring on more private investors. How could that scenario play out . The keyword you used is trying. You are trying, but if in the private sector, you look at risks, viability. Are they going to pay me my money back . And right now there is a lot of hesitation. I think when the private sector codes in strongly, that is assigned the initiative is working, but right now it is very early stages. Rishaad im going to bring up a map. This is what they want to do. Lets have a look at railcar activity. This is what we have at the moment. You can see how there is this gap with europe. They want to build that up. ,ts not just an economic play but geopolitical as well. That is that. The shipping, the other part of the one road, one belt. It is a string of pearls they want to have surrounding there we go, the colombo airport, and if we get further in the northwest, pakistan, and other ports in go. They want to have a stake in all this. Yes, naturally if everything place out to chinas advantage, europe like ao string of pearls, but right now all this is still wishful because you are talking about 65 Different Countries with different regulations. The showcase, the rail link to europe has already run into critical problems because hungry hungary is a member of the eu, and you cannot have a project like that without public tender. They have apparently agreed that the chinese would do it or what ever it is, so they are encountering a lot of difficulties there. Rishaad pauline comes to goround with us. Sophie we will have more after the break. Aac raising the most in seven years after been targeted by a short seller. This is bloomberg. Sophie we are back. China oneout the belt, one Road Initiative and whether it will be another White Elephant given the aspirations china has with it. I dont think you will reach the White Elephant stage. It could be stillborn. Rishaad not even a small hint of optimism. Basics are not working out. The funding is not working out. Chinas experience with multilateral loans, negotiation with cultures of different , is very limited. Countries you help, they tend to be very sensitive to the fact they may get exploited, and maybe it is colonialism in another form, so i see a lot of risk around. Rishaad i you saying the risk falling on china itself are reducing the risk is falling on china itself . Thats right. These countries that you lend money to come it is true they have to pay back, but if they default, would you going to do . Dig up the road and take it back home . Or nationalize the port . Infrastructure is in somebody elses home. You are lending the money and the workers. Rishaad some of it is soft terms, but it is in many instances fully market rate. Thats true. Politicians locally would say actually we dont need this. Why do we need to roads to wherever . A risk china is willing to take on his tries to extend its soft power here . I do not know to what extent china is aware of those risks and to what level. Im sure they realize there are risks, but whether it could really turn bad, im not sure thewell this is realized at highest stages, and i think that is a misunderstanding of soft is not thehat money only thing that makes for soft power. It isps, of course, but when peoples from another country say, i would like to be like the chinese. I would like to be a chinese person. I would like to emigrate to china. That is when you have soft power. I dont think the belt and Road Initiative will do that. Is it to haveable these types of initiatives, the aiib. Rishaad rcep as well. Sophie there you go. I think it is just ways of raising money. It sounds better if you go around and say can we have some funding for this. And on howts just china can afford this as well. It is one of the few countries that has a checkbook you can open. Longerterm, does it have the resources to do with this . Own, because china needs a lot of resources now to bolster its own economy, but i think there has been high hopes for aiib in that once you get the ball rolling, and it was very promising when they started, everybody joined, and they were hoping it would snowball into a big thing to rival the world bank. I dont think its happening. Rishaad thank you so much for that. Sophie coming up, live at the inld Economic Forum cambodia. General electric spice president will join is to discuss the Investment Climate and the company strategy. Rishaad free market hang seng unchanged, looking like a negative day across the asiapacific. Ishaad right, there we go 9 20 nine in hong kong counting down to the start of the trading day in the territory, shenzhen, shanghai. I am Rishaad Salamat coming to from bloombergs asia headquarters. Sophie i am sophie kamaruddin. We have been talking about chinese belt Road Initiative. Rishaad we will look at some of these banks. 8536, these for big ones four big ones. Chinese banks are facing relatively high Interest Rates risks while supporting this belt Road Initiative. Out this is is a concern highlighted by the Banking Commission saying some of these countries are suffering from large depreciation, negating some of the investment get tove. Sophie lets the open in shanghai with haidi lun out of sydney. We are seeing a lower open, but look at the broader gmm rom the function. A risk off sentiment. Byl street getting unnerved this american consumption story might be hitting the skids given some poor retail earnings. Were getting retail sales data and some key fed speak from philadelphia and Charles Evans speaking as well, so to bingo team members will give us a hint as to how this tightening trajectory could go. Worldget over to our equities indices page. Shenzhen upn. 3 , by the same amount, hong kong flat at the moment. The big headline making story is this idea that perhaps beijing is willing to step in to support the Hong Kong Markets. They have never had to do that ahead of that 20 year handover. Beijing does not want ace talk market selloff as president xi jinping visits hong kong in his capacity as the chinese leader for the first time. Perhaps in the mainland session, came back in just to support mainland markets, which had been struggling. Elsewhere, declines when it comes to the japanese market, a stronger yen suggesting a string of yen weakness may be coming to a close, and that is weighing on exporters. Also weakness from Southeast Asia, singapore, malaysia up. 1 . You would expect some of these markets getting more boost from the stabilizing crude story. Indications from saudi arabia and russia that opec could be willing to extend that supply deal on top of news that u. S. Inventories are starting to fall. Take a look at this chart. The aussie dollar has had a bad time of it lately. It fell to a fourmonth low, and we are lurching to the longest stretch of weekly declines in a year, but when it comes to hedge funds, a whole lot of bullish bets when it comes to the aussie , but if you look at where iron ore, still looking unwell. The outlook for china, the Major Trading art and are there, some concerns over the reflation trade out of china. You can imagine there is further downside ahead when it comes to the aussie dollar. The aussie dollar fallen for a fourth straight week going by how the decline has been. We have first word news with paul allen. Paul new korean president moon isin has told china he aware of concerns about the u. S. Missile shield and will try to resolve the problem. In a phone call with president xi jinping, he said it would be easier to settle differences if north korea were to stop being so provocative. President xi jinping to examine restrictions on Korean Companies working in china. Likehizer clear as the u. S. Trade representative. The white house told lawmakers that china is one of americas leading trade problems. Preparing for a widening of a ban on laptops and large Electronic Devices on planes bound for american airports. They are meeting the department of Homeland Security to discuss the decision, though it is not clear if there will be an immediate announcement. The march ban affects flights from eight countries in the middle east. The company clung to the family of President Trumps soninlaw says no one tied to him will be at a presentation for chinese investors this weekend. Withdrew fromies the event after critics said used thehners sister president in the summary page last weekend. She said buying in could help them win residency visas. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. This is bloomberg. Rishaad it is the second day of the World Economic forum in cambodia. What are you hearing from the delegates there . Well, china is front and center, especially the evolving relationship with the u. S. And china. I want to get perspective from , vicechairman of ge has that impacted business for ge in china . It has been good for us. China, a big business in 20,000 employees. We have been working with chinese partners on the one belt, one road, so we have andged our strategy adjusted to reflect the importance of that initiative. The relationship continues to be good and we have seen more opportunity. Have you been encouraged by the tone from the Trump Administration . Think the administration is listening, Encouraging Companies they are paying attention to what we say, so i am encouraged. Haslinda lets talk about ge specifically. You recently had discussions with an activist investor who wanted ge to be more costconscious, to go on a costcutting spree. Has that changed operations in any way . We have always been hashfocused. Nd all of our investors have encouraged us to raise the bar a little bit. We are doing that. The perspective we get from our andrs, including weve tried to incorporate that into our strategy. Share with us what you are doing differently, what costcutting measures have you implemented . We are thinking about where we have corporate costs, the value that creates, making sure we are providing optimum services for our businesses in what we do around the world. That is one of the responsibilities i have, to make sure we are as efficient and effective as we can, and everything we do supports the Growth Initiatives of our businesses. The relationship between ge and the company, hasnt soured in any way . No, it has been constructed and continues to be constructive. What is interesting is that ge has spent about 1 billion buying into 3d startups. The strategy Going Forward . Why are you betting big on 3d printing startups . We think Additive Manufacturing is the wave of the future, so we want to be in the technology from the ground floor. We have created a business around it, so our work will support our own facilities and manufacturing and other companies. What is the overall strategy. If you had to give a fiveyear plan, what is the look of it . Growth the next arnold revenue and we can generate a lot of further to the using 3d renting in our own manufacturing operations, so from an internal and external perspective, we think it will be a home run. Haslinda are you looking for more acquisitions in the space . Probably a few bolt on acquisitions we could consider, but what we have invested in gives us a tremendous foundation. Haslinda one important area for ge is oil and gas, and the slump has hurt ge for more than a year now. Is there an end in sight . Have we seen the bottom to that cycle . Our orders in the First Quarter grew 9 organically, up from a low base in 2016. We think the market will start , but it is still a space important to us, and when we expect to grow over the longterm, and as you know, we expect to close the big transaction in the middle of this year, and that gives us a broader footprint to create value for our customers. How would the deal position ge in a better way in market . It gives us capabilities we have not had before and get is a full range of capability so that we can do more to support our oil and gas customers, and they had been very enthusiastic about combination with baker hughes, because they like the idea of dealing with with fewer bigger partners. Haslinda isnt it true there are several regulatory hurdles to clear before the merger can take place . Where are you in this process . Thee are working to remaining areas where we have regulatory clearances. We have a few left, but we believe the deal will close in the middle of the year. Theinda if you look at Global Economy, people talk. Bout risks in china for ge, what of the business . Spread you look at our of businesses, we are in 180 countries. We can all see pockets always see pockets of risks in any given date, in any given country, but we see a Global Economy growing at a reasonable rate. We see lots of opportunities and demand for infrastructure. A longs not changed in time, so we see far more opportunity than we see risks. Haslinda globalization, alive and well . A u. S. Lking about retreating, the china spreading influence and a much bigger way. Respects, globalization has become a bad word. We are a global country. We are globalists at our heart. We have to do a better job of explaining to people why global trade matters come and why the work we do in the asean is good for the region, and also good for our activities in europe and the united states, so we support jobs in a lot of places because of what we do in asia. Haslinda where do you see the most growth in the asean region . Everysee growth in country. It is one of our highest growing regions, and has been for a number of years, health care, aviation, energy, all platforms that should grow. We think oil and gas will come back, may be slowly this year, more aggressively. Haslinda that is all. Thank you for your assessment today. There you have it. Rishaad thanks. Up, hong kongs regulator took a deep dive into hong kongs top broadcaster, tvb , and they uncovered a tangled web of ownership. We will give you the details next. This is bloomberg. Acphie apple supplier a technologies falling, extending thursdays drop, down. 6 , that following yesterdays 10 decline after gotham city aacsrch question Accounting Practices and profit margins. Rishaad a dramatic falloff to that report, real carnage for the stock. What did you hear about all of this, and gothams claims in particular . It was interesting, because they had been targeting companies in europe and the u. S. This is the first time targeting a company in asia, so that may have been born of the reasons why there was a dramatic shareprice decline. The analysts were skeptical about the report. It is only one page. Gotham said it was super view was a preview. There will be more later. The company came out with the allegations so far. The company will report earnings anay, and there will be analyst briefing, so we make it more details. Sophie this is gotham city making its first attack in asia. Muddy waters and baucas doing similar things. I we going to see more of this type of activity . I went to a conference last year on shareholder activism, and there were quite a few people who felt there would be more these types of campaigns in asia. It is quite established in the u. S. , and becoming more prevalent in asia. In japan, with the push for corporate governance, it does mean that it does put a spotlight on what some of these companies are doing. Rishaad they are out with earnings later appeared what is the expectation, the feeling you are getting . I have not looked into the sonings part of it just yet, the analyst will provide more details after earnings come out. Sophie will we see companies change tactics to deal with shortsellers . Noticed some companies that were hesitant to talk to the media, but are coming out more. We are able to get more details from them, which is great to have more of that balance. Rishaad thank you very much indeed. Keep us updated. Checking on the business flash headlines, toshiba considering delaying the bidding process for its memory chip division. The nikkei news saying the deadline may be pushed back to next month or july. Toshiba has been waiting for a bid that has been cut to a field of five groups. The government wants a homegrown did. 500e softbank leading a Million Investment in improbable world and one of the largest vc deals in the u. K. In the last decade. Virtualle world creates scenarios for gaming and massive scale simulation. And others ares also committing new funds. Today despiteng the higher cost of fuel, imported oil, the cost will average 55 a barrel, up from 47. 50 in the previous timeframe. Tepco says it hopes to fire up a Nuclear Plant within two years. Hong Kong Securities regulator is questioned the Ownership Structure of the citys dominant free to air broadcaster, saying tvb may be tycoony a Chinese Media rather than a hong kong resident as required by law. Rishaad it is quite something. They were doing their job, one day . It is incredible what they found. What they found is that the Holding Company that holds tvb is not controlled by the chairman, the local businessman. Rishaad it has to be somebody from hong kong. A hong kong broadcaster can only be owned by a hong kong resident. What they found it is this famous media tycoon from china, who we knew had a stake, which include nonvoting shares, he holds 79 of the Holding Company. Sophie why is this just coming to light now . Tvb is in the midst of a buyback, which would cement the owners of the company. It is using its excess cash to do this. At that point, the regulator weighed in and said, well, lets right, whether this is this buyback, because it becomes an m a transaction. That they have unearthed all this, what happens next . That is the question. That is the interesting thing. What they have said is you can go ahead and put your buyback plan to vote, but the other things that emerged was not only does chinese businessman is the Controlling Shareholder vb, but theref t is money behind him, and we dont know where it comes from. Sophie are we likely to see anything similar . This one was triggered by the buyback plan. The chances these things could happen more often come i dont know. It does show an activist regulator, which is important at this time when you see Chinese Companies going overseas and buying all this stuff and we dont know who owns them. Rishaad we dont know where that money is coming from either. It is amazing. Rishaad who knew . Thank you very much indeed. Right, coming up sophie the head of thailands Biggest Energy company why he is feeling comfortable with current oil prices. This is bloomberg. Some declines for asiapacific equities, a positive picture in hong kong, but certainly not the case in tokyo. Thailandshead of Biggest Energy company says he is pretty comfortable with the oil price, saying it reflects the markets close to being balance. Sophie he also told bloomberg that his Company Wants to work directly with indonesia to resolve an oil spill dispute. Thee would like to honor direction and policy of the indonesian government, so we are indication on what is the way ford from the government of indonesia. From our side, we are open to continuing the business relationship. What are your thoughts on where oil prices are right now, below 50 . Is that a good thing . We went through the period where oil was as high as 120, then it came down. Was trading at 26 a barrel early last year, so to come back to 50 at the moment plus or minus, i feel pretty comfortable with that. In buddhism, we always say the beaten path. If it is too high, it is not sustainable, not good for the consumer or productivity. If it is too low, it cannot sustain because the producers cannot survive, so we believe about 50 where it is right now it may come up a little bit or go down little bit that is all right. I am comfortable and in our operation in the past three years, we have been through the initiatives to survive and 30 come so we are quite comfortable at 50. Haslinda is it making it easier for buyers and sellers to come to agreement. Correct. And easier for planning purposes. Haslinda what could be the risks to oil . At this stage, it is pretty much balanced. Before we used to have opec really have a lot of power and directing the price by managing the quota, and now you have additional production from any places outside of opec, so there is a check and balance there to ensure the price would be at the right balance between the producer and the consumer. The chief executive of at tight Energy Company ptt the World Economic forum in cambodia. Sophie still ahead, we are back at the conference to be joined by the aiib president in about 10 minutes. Rishaad straight after that, to chief executive of asean discuss what is happening with the shipping industry and the shipping lines, earnings as well. That is in about 20 minutes from now. From our studios in new york city, this is charlie rose. Charlie we begin this evening with our continuing coverage of fbi director james comey, who was fired yesterday by President Trump. The dramatic news precipitated an immediate call by democrats and some republicans for an independent investigation into ties between russia and the trump campaign. It department of justice memo cited comeys handling of the clinton email probe as a reason for dismissing him. Asked earlier today, President Trump gave a simple explanation. Why did you fire director comey

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