To portray himself as savior. Maker hoping to power its self. Follow me rishaadtv, include trendingbusiness. Just starting off the trading session. Were looking at what is happening so far. The bulls taking a backstop, arent they . Juliette the regional index hit a high during thursdays trade, but merrier drug he the ecb has disappointed, u. S. Stocks easing thisrecord highs to in region, weakness in the early session. Forapore opening lower, tens of 1 , a switch outing kuala lumpur, and taiwan flat. Significant downward pressure today, but easing from a sixweek high. 12 below the 30 day moving average. Bank comments weighing on Investor Sentiment even though governor kuroda made calls about no helicopter money before the brexit vote. , downch out in the kospi a 10th of 1 . Weakness and commodity players weighing on the asx 200, particularly energy players. There is upside in gold stocks. A looks like there has then flight to safety assets during the overnight session. I want to show you the hang seng index, officially entering bull market territory wednesday. If you look at where it was to where it is now, up 20 from those lows in january. Encouraging for the hong kong market. Having a look at the japanese week formeeting next the boj. Stronger,ent, yen 105. 70. Rishaad donald trump expected to speak in cleveland in the next hour. He will be formally accepting the nomination as his alreadys president ial candidate. We are live in ohio. Tell us more about the focus out of donald trump today . What is it all expected to be . There will be a continued crime, fearsafety, americans have about their own continuation of fortio training himself as the law and order candidate. Also, saying his desire for trade barriers and to protect american industry is one thing are should lead people who dissatisfied with Hillary Clinton to come his way. We have several business figures expected to speak on Donald Trumps behalf. What do we know about that . Will be one of the two people in the lead up to the introduction. And more interesting speech will come from peter thiel, tech investor, libertarian, advocate, who will talk about being openly gay and make a blunt criticism of the republican party. Fakepect him to talk about ultra wars, gay rights, abortion, contraception are a distraction of what americans should be talking about in terms of americas economic decline. Rishaad this is a big week of ups and downs, what will the report card look like . Consider this week a success . Publicly, they will say that. Hiccupsve seen more this week for the republicans putting on a convention that any time in modern memory than any time in modern memory. There is the speech scandal, plagiarism, fallout, obvously a dramatic moment is ted cruz refusing to endorse the nominee. Is a burden on donald trump to tell a story about why he is the leader of the republican party. If you go back a few months and said donald trump got there a nominating convention without a challenge to his nomination, without any real demonstrations inside or out side the arena, you might day this is something of a success for someone so new to politics and the republican party. Rishaad thank you a lot for that. We will have more on this story next 23 hours. Donald Trumps Convention speech live. Tweet us your thoughts and use rishaadtv, include trendingbusiness. Singapore not done within the with the investigations into the 1mdb fund. It is a car crash involving scandal, isnt it . Like the way you describe it. Yes, still unraveling. Things are putting added pressure on 1mdb, fresh evidence back to back. The u. S. Justice department, ubs, dbs, standard chartered, and falcon private bank, and now says it is not done yet. Other Financial Institutions are being probed. We will get those names soon enough. Singapore Central Bank Says some serious lapses were found as there were undue delays in detecting and reporting suspicious transactions. Themonths ago, it revoked license of dsi because of reaches of Money Laundering rules. Still finding out more information. Rishaad this gets more and more complicated every day. This is the first time that singapore has revealed some details. What are they saying . A well, they are saying it is complex web of money transfers. It is an extensive layering of transactions discussing the nature of the funds that disguising the nature of the funds, multiple entities operating in multiple jurisdictions, Many International banks. That money was , estimatedt of 1mdb at 3. 5 billion. A billion dollars alone laundered to the u. S. Banking system. Right, well it is even true as singapore investigates 1mdb, i dont think they ever referred to this fund by name. You are right. It is ably shows that sensitive issue for bilateral ties as both countries are close neighbors. And investigations the started more than a year ago. This is the biggest Money Laundering investigation ever done in singapore. The central bank has already seized 170 5 million in assets linked to 1mdb, various bank accounts, dealings and property, and that includes those that belong to jho low and his immediate family. We await the details and names. Rishaad thank you very much. Getting you back to that cleveland and the Republican National convention. Reince priebus is the chairman of the Republican National council, as senior republican. Speech as well as we wait for the big one a little later, donald trump saying he can make America Great again and heal a damaged nation. That is what we are expecting as well. [applause] all know that he has brought millions of new voters into our party because he is listening to americans who are anxious about a country which has lost its way. Donald trump ones to bring jobs back from overseas and hold companies who want to send them abroad accountable. He is finally going to stop illegal immigration and make sure our government puts american citizens first. [applause] families, working families are the lifeblood of our country, and we cant thrive as a nation and less they are thriving. A lot of them have not seen a bigger paycheck in the very long time. Donald trump ones to make sure you can pay the mortgage, put gas in the car, and by new clothing for the first day of school. Toald trump is committing hitting terrace hard and making the safety of every man, woman, and child in america his number one priority. [applause] no more negotiating with terrorists. Us down, we to take are going to take them down. [applause] the world of business, looking at what is going on when it comes to this expected bit of takeover news in Papua New Guinea. Haidi thats right. 43on mobil will buy interoil . 6 billion. This will see discoveries in Papua New Guinea added. 45 toill pay between 72 a share, and a 50 million rake up fee on behalf of interoil. With the purchase, exxon looks to expand its present where demand is set to grow for another 25 years. Of 3. 6 billion could be its biggest acquisition since 2010. T, roger ailes is replaced by Rupert Murdoch. Is after he was sued for alleged sexual harassment. Will becomech chairman and acting ceo of the news channel. Roger ailes will act as his advisor. Taken a toll on investor nerves, sending shares down 3 . The companys cable business accounted for as much as half of total revenue last year. Also tumbling in extended trading, starbucks after earnings missed estimates. Rose 7. 3 ter revenue a slowdownear, but in samestore sales in america. Starbucks has been adding new locations and new menu items, but still struggling to get u. S. Consumers to spend. A bright asia provided spot for sales revenue, 18 on year. Howard schultz said china could become a bigger market than the u. S. In the long term. Howardearnings call, schultz spoke about global uncertainty affecting results. He cited factors ranging from uncertainty over the u. S. Election, u. S. Race relations, as well as terrorism threats. , andad still ahead lusive interview with doj p a , governorpter debate kuroda says there is no need, but what do investors think . That is knacks. Breaking news, the game taking people by storm, created go. Intendo, pokemon it is available for download in japan on the google place store. The share price for nintendo on the way up, 9 , and absolute roller coaster, 3. 7 i should say there. I beg your pardon. The latest flash headlines, jp morgan close to settling an inquiry into hiring practices in asia. The bank may pay 200 million to on whetherstigation it hard influential chinese decisionmakers to influence business. Say they later widen their inquiry to other wall street entities. General motors up in new york, raising his 2016 guidance after posting record secondquarter earnings of 2. 9 billion. The result was driven by record north American Income and a return to profit in europe. China stable at 500 million. Record sales in china, so we continued to see a lot of traction, a lot of Strong Performance from viewer can cap lack. Rishaad looking at the yen, rejectinging sharply, the idea of helicopter money. It was broadcast on thursday on withadio, three options quantitative and qualitative easing, plus negative Interest Rates. He said current policies could be expanded and were no significant limitations to monetary stimulus. The damp it feelings of stimulus and mixed earnings in the u. S. Helping a pullback in equities. We did have record highs this week. Asian equities down as well as a consequence. Great to see you. Lets start off with governor kuroda. This wasnt an interview done in midjune, broadcast now, but lets not forget we had brexit after that. Did was not that he considering negative Interest Rates days before he announced stock do we put in that story . Isi think the answer to that not much. Having said that, governor kuroda has a track record of wrong footing markets over the last 12 months. As you pointed out, saying hes not going to do things when he does these things and vice versa, so as to how much reliability one cents by these comments come as i say, not much. The nikkei today news two days ago, ¥120 trillion worth the stimulus, the other ¥130 trillion of stimulus. The point being, what kind of service are we talking about . If you keep adding Monetary Policy and stimulating monetary wise, it has not worked. They need to do more than that, dont they . Correct. S one of the things we are anticipating i think is now that we have the upper house elections out of the way it starts to look as though the government is perhaps going to be able to spend more time on concentrating on its economic reform agenda, which is something that has been put on the back burner for the last 12 months as the government has been reliant on the central bank. This time around, maybe we will see a change in policy emphasis, and i think that would be broadly welcome, but we do need to see a little bit more grownup policymaking coming through from the politicians as opposed to continually be reliant on the central bank. So many we have had events this year so far. It feels like it has been going on for two years and we are just a half a year old so far. What you looking at at the moment . We have a lot of event risks priced in, and some of it or most that has already happened already. Thing to worryxt about is of course the u. S. Elections, which are not until november, so that will keep our second half nice and exciting. Mostg said that, the important one being the u. K. Referendum result, and it has been a real surprise, the degree to which markets have apparently thated to almost discount as being less relevant than people had feared. Sterling remains down, but markets generally are out. Out,u quite rightly point all time highs out of the u. S. , and that proves a point, that in a quest for yield, equities kind of remain the only game in town, so from that perspective, when you compare it with fixed income, equity yields look a lot more attractive. Rishaad thats all we have time for. We have been interrupted by news events. Rnc convention in cleveland, ohio. Paypal cofounder and Silicon Valley investor peter thiel is speaking and endorsing donald trump. It is 9 22 p. M. Thursday evening in cleveland. There athe scene quicken loans convention center, and there he is. As a oneyearold, and this is where i became an american. Opportunity was everywhere. Justd studied engineering on the road from where we are now. In 1968, the worlds hightech capital wasnt just one city. All of america was hightech. It is hard to remember this, but our government was once hightech, too. Cleveland,d to Defense Research was laying the foundations for the internet, the Apollo Program was just about to put a man on the moon, and it was Neil Armstrong from right here in ohio. Peter thiel addressing the Rnc Convention. This is bloomberg. Rishaad you are back at the scene of the Rnc Convention in cleveland. Peter thiel has been a dressing loyalists. There he is. Paypal and Silicon Valley investor as well. About theing opportunities a donald Trump Presidency could provide. Race is beinghis honest about it, except donald trump. [applause] while it is fitting to talk about who we are, today it is even more important to remember where we came from. Me, that is cleveland and the Bright Future it promised. Asked us totrump make America Great again, he is not suggesting a return to the past. He is wanting to lead us back to that right future. Urge all fellow americans to stand up and vote for donald trump. [applause] thank you. Thank you very much. Thank you. [applause] ok. Aad that is peter thiel there, the , endorsingf paypal donald trump. We will hear from him in the next hour. Coming up next, is piaget feeling the pinch . We will hear exclusively from its ceo. Rishaad we are looking at regional equities pulling back from eight month highs as the thepect of stimulus cools, regional benchmark down for only the second time in two weeks with the yen jumping the most in four weeks. Governor kurodas opposition to helicopter money became clear. Donald trump except the president ial nomination by for trying himself as the only one to protect america and helpful withering economy. Seeks to Gain Momentum after convention marred. The pokemon go game becomes available in japan. The craze has first nintendos market cap towards 40 billion. Shares in mcdonalds japan also surging. ,ong kong starting out premarket off by 4 10 of 1 . Shanghai flat. Hang seng did enter a bull market on thursday. It looks like that was shortlived, at least at the moment. That is right. Off by 6 10 of 1 after the open and that solid rally thursday. We finally saw it reach that bull market, up 20 from january lows. Pressure,oming under a retreat in the crude price on u. S. Supply concerns in new york. Those property developers, which helped to lift the hang seng to that bull market territory. Pretty flat on the open in shanghai, the kospi down by a 10th of 1 . Out in taiwan, malaysia, and singapore. Whichweakness in japan has seen the regional index retreat from that 2016 high during thursdays session. Ofhave seen a lot fluctuation in the yen on the back of those helicopter money comments from governor kuroda, which came from an interview before the brexit vote. Down by 1. 2 . Some of the other movers we are watching in japan, nintendo is nintendos pokemon go game available in japan, shares up by 5 . Mcdonalds japan also on a tear. Both of these companies have been moving and alignment with entire pokemonhe go space, mcdonalds up by almost 6 in japan, doing incredibly well with those pokemon toys it is selling with its happy meals. 28 , but new down crest mining is leading the space. As investors get out of risky assets, they are getting back into safe havens, the gold price rebounding from a threeweek low and the yen is stronger. Rishaad thanks a lot for that. , byd, itlectronics eli must master plan. Master plan. S introducing electric buses. Thats right. Elon musk is not pretending to masterinal, but with his plan part two, he has outlined that he needs to go beyond cars and more mass transport systems, and massrucks transport. Yd rolledhis year, b out their electric bus. Buffett backs them. Samsung wants to get in on that action, buying up 1. 9 of the company. Can teslahe point is it off . Can they pull it off, and would they need to get more funding as they really failed to get into profit and are relying on their Free Cash Flow for investment . Is that enough . They will absolutely have to get more funding, no doubt about that. Where, when, how much is an open theyion, but right now have three products announced so far, and theyre not running profitable, burning a lot of cash. The big problem is can they pull it off. They have been struggling to deliver product on time, and that is a big problem for them. That is azzer truck, larger scale product from there. Win elon musk will introduce production is not known. He said in his statement a couple of days ago that it would be unveiled next year, but that does not mean production. That is an open question. The situation tesla is in, they could not pull it off tomorrow, that is for sure. Elonad what do you think musk should be focusing on . Look, the big issue is that tesla does a very good job of designing cars. They are nice cars. They look good. They are supposedly well built. But they cant keep churning them out on time. It is what we call manufacturing yield. It is easy to make one product, but to do 20,000 products a quarter, that is difficult. That is clearly difficult for tessa, because the last couple of quarters have missed targets. Targets they put out themselves. They have not been able to get there and are constantly talking about production difficulties and so forth, so clearly what they have to focus on is getting their manufacturing done envoy them consistently with good deals so as they ramp up and take on bigger products such as buses and trucks, they can reinsurer investors and customers that they can keep doing it. Rishaad thank you very much indeed. Media, the foxn news channel, roger ailes has resigned following accusations of sexual harassment. Stepping in is Rupert Murdoch. Lets get more. You heard from a lot of senior hosts from fox news, brent hume, chris wallace, saying they were comforted that Rupert Murdoch was coming back in that project is stability and continuity, and that was the message Rupert Murdoch delivered on a conference call. However, you have to imagine Rupert Murdoch will not be running the channel for the long term and will spend the next couple of months to see who is good, who should stay, and who should go, and who is capable of running the place or with a have to go externally for a longterm replacement. There will be some changes to fox news in the future, but for the time being, they are projecting stability for employees and investors, fox news being one of the most important assets. Check of what is going on as far as nintendo and mcdonalds japan. Pokemon go was released in its home country, just becoming available for download in japan. These are the shares at the moment. Nintendo moving to the upside. We have come off that a little bit. Mcdonalds japan up 4. 6 as well. Lets get over to tokyo. Happening. Was im surprised it was not priced in. In terms of the stock move, it is just sheer excitement. It has been touching go for the last week or so in terms of whether this would show up in japan and part of the reason the developers of the game have given is that they want to make their art no glitches at launch given the volume of data they expect to be flowing through phones and servers when it launches. The game is not yet playable in japan. So you don populated, see elements and data out there. The preparation for the actual debut, and i imagine they will flip the switch within a matter of hours. There has been a lot of anticipation there. What has the buzz of been like for waiting for all this . This is pokemons home have hadkids in japan to sit on the sidelines and have as 35 other countries gone ahead with the game and created a sort of social phenomenon. That this week is the start of the Japanese School holiday, so it was imperative for it nintendo and the developer of the game to get this out and into kids hands so that they can go out and Start Playing the game, even though it has been raining for the last couple of days. Rishaad it is an extraordinary game. Of the countryside in england, my godson disappeared off with his friends in the middle of a field. I did not know what was going on. A quick check on some other stories we are following. Isiota druggie says it unclear how the british decision to leave the European Union will affect the economy. The ecb left key rates unchanged. Still, he says the central bank remains ready to act. Wanted to achieve its objective, the governing council will act by using all instruments available within its mandate. Readiness,ess willingness, ability to do so. Indonesia unexpectedly decided to keep Interest Rates on hold after reducing it four times, leaving the benchmark rate at 6. 5 . Only 10 not of 26 economies predicted the decision. Policy makers say their current level is appropriate, but signaled room for easing. 10 people have been arrested for plotting terror attacks on the rio olympics. They attempted to buy weapons, but had not picked a target. Meanwhile, sports highest court has upheld a ban on russias Athletics Team over doping allegations. The entire russian team may still be kicked out of the games. Game start on august 6. Falling,orts have been , thel growth has plunged appreciating swiss franc. We spoke to the ceo of piaget about the regions with the strongest growth. America is the region we think will be great. We do well in the middle east. We have invested significantly and we are growing with local clients buying their fit it continues to be a pocket of strength in asia, china. Korea, southeast asia, so they continued to the pockets of strength across the world. There is so much pessimism over the china market, hong kong market, is that something that can be overcome . Konge pessimism about hong because of the flow of chinese coming to hong kong and macau has crease. Flow of consumers is not as good as it used to be. In china, the local market is developing and i think we can capitalize on that. It is a of this that the chinese have more incentive to buy in china because the price is competitive in china, stores are getting nicer, new malls. The government wants to make sure that the chinese buy in china, so china is growing. Are you seeing any positive impact from the rebound and oil helping middle eastern clients . It is a tough question. I did not see when the price dropped. We did not see any adverse effects. I would imagine that they are used to cycles, and for us, we invested there. It is a market or markets that are quite important for us and we have great products for them, so we have a pretty good time there. Rishaad chief executive of piaget. Next, hong kong stocks in a bull market. How long will that last . Theaad a quick check of latest business flash headlines. Samsung electronics buying a d worth 450 million in a bid to bolster semiconductor business. Buffett backed company said it would use the proceeds for expansion and research. Electric car sales are surging in china, the government targeting 3 million a year by 2025. Profit falling to the lowest in him was a decade, dropping from 48 in the second quarter, the global crude glut has hit demand, forcing companies to shrink workforces. The Company Means the auto outlook is weak. China Natural Petroleum looking to expand Natural Gas Pipelines as the government will not spin off assets. Ostt as a decided to bo pipeline investments. That newconcerned exploring may increase pollution. Markets. Ck to the hong kong entering a bull market thursday. Is this rally sustainable . What is going on here . What do you make of this . The external environment after brexit, people seem prepared for a big crash, but the central bank has been stepping in, postponing rate , all saying standby for potential rishaad we dont have much time. To much of this is down valuations in hong kong . If you look at the emerging markets, brazil, russia, so relatively speaking hong kong and china are probably the only a emerging markets lagging behind in terms of valuations. All other markets are trading above, so hong kong and china have a bit of a catch up. It is fair to say that the rally is lacking big support. More shorts covering. The volume is quite low. Hares, looking at hs they are still cheap. We wait in vain, dont we . In terms of valuations, more compelling and more attractive. Shares because they tend to be more liquid and transparent. The dollar softening is helping emerging markets. Thisad being lifted up by record highs on wall street as well. Theyou expecting shenzhenhong kong connect to make a difference this year . The shanghai, hong kong connection, mostly down before that announcement. Right now, people are positioning their money for the shenzhenhong kong connection. Tell me something, how much can we learn from the shanghai connect and can it be applied . We should start to position now. Is also one potential catalyst waiting for china to press the button. Rishaad not that button, but the other one. Does the rally have legs . I think u. S. Valuations are getting pricey, but the u. S. Economy is still in much better shape than europe or japan, so relatively speaking, the housing market, the labor market, it looks like people are chasing for yield. That is why we have been positioning in gold, highyield stocks. It makes sense and a low yield environment. Rishaad something we have been saying for a while. Thank you for that. Beerxt, japans suntory says it is still not enough to push it overseas. We hear from the ceo. Is trending business. Says theuntory beer central bank has failed to stimulate the economy. Our focus is on building a premium position and asia, including taiwan, korea, singapore, and malaysia. Our target is to sell 150,000 hectoliters from 75,000 now, and that would become the benchmark for expansion into china, of which hong kong is a gateway. There are several things standing in your way to reach her target in three years. Changes in the industry, some consumers have shifted to craft ,eer, flavored beer is another some have shifted towards whiskey and spirits. Is that a problem . When it comes to overseas expansion, booming craft beers is a plus for us. Some people see suntory as a product of japanese craftsmanship since it is different than the bigger plans. Our brands ares, very popular, so customers become curious about beer produced by suntory. The past three or four years have seen the changes in policy and planning from the government abe, has that help . Have you seen the pickup and consumption . Fact that abenomics has not boosted inflation is not good for beer makers. There is a by polarization in japan, they by either luxury or cheap goods. Premium malls are a luxury product, sales have been increasing 12 years despite distillation, which proves there is demand for Premium Products. You export all of your Premium Products from japan, but the japanese yen is all over the now, with 120, 100, 105 do you ever consider moving your production overseas . That is a very difficult question. Love productsers made in japan, so we need to respect that. It is not as simple as moving a factory because of the currency moves. The yen fluctuating from 100140 is a headache for us. Thehat is the balance, ideal range for the japanese yen . Well, we are focused overseas for growth, so a weaker currency is important, about 120 to the dollar is ideal. Rishaad chatting with the chief executive of suntory. Of the yen onect business there and the japanese down and asking him excuse me. Head over to cleveland, ohio. Donald trump preparing to address the republican convention, arguably the most important speech of his political career so far. He will accept his partys nomination. Reports, ao some vision of a nation hovering on the brink of disaster and presenting himself apparently as the leader who can protect americans and repair what some have been calling a withering economy, particularly him. He will be introduced by his daughter coming up next. Rishaad you are watching july,ing business, it is friday the 22nd. Rishaad we are going to be in cleveland ohio, singapore and tokyo this hour. Here is where we are keeping terms. Prospects forghs, central banks, stimulus cooling down. The u. S. Failed to impress, and the topics down the most in two x down thehe topi most in two weeks. Donald trump portraying himself as the savior of a damaged country. They played morgan did j. P. Morgan settling with chinese decisionmakers to win business. Let me know you think of our top stories. That is my handle. Please use the hash tagged. Stocks falling, seeing a drop in the oil price as well. We are pretty much taking gains we saw in japan in the last few days. We are seeing the regional index up 0. 3 after hitting 2016 highs during thursdays session. That full coming through in the fall coming through in the crude price. We saw u. S. Supply increase. Also the stimulus optimism fading a little in japan following the comments we heard from governor kuroda, even though they were for a june 17 interview. All of