Held by chief executive carrie lam, saying hong kong will increase Virus Testing to Something Like 7000 a day. Thats the hope, anyway. They will be extending that capacity for this territory here as well. Thats the backdrop here is carrie lam just outlined this increase in the number of people who will be tested here in hong kong or who can be tested here in hong kong. Haslinda chinese president xi jinping is promising to make the Coronavirus Vaccine available the pledgedeveloped, as part of efforts to defuse critics to the governments response to the pandemic. The virus does not respect borders. Mankind is a community with a shared future. Cooperation are our most powerful weapons for defeating the virus. Tom mackenzie has more from beijing. She succeed in trying to persuade critics . Tom the u. S. Will keep up its drumbeat of criticism for china. He did make some important points in the speech to the governing body at the world health organization, talking about the need to develop a vaccine and the fact that if it is developed here in china, that it would be available for the Global Public good. China has five vaccine candidates already in human trials there. Also said that china will provide two years to booting dollars for support, drawing a line of distinction with the trump administration, and they have been under pressure to agree to an independent investigation. Xi jinping said they would sign up for that at the right time. It would have to be led by the world health organization. On the same day that xi jinping was making these comments to assuage their critics, china was also slapping tariffs on australian barley and cultural goods, 18 tariffs. That is being seen by many as punishment for australian systems on a rigorous investigation. It seems they are playing two sides here, trying to look like they are the rational actor on the global stage but equally a reminder to australia to try to mind their place in this. Tom, there are still fears of a second wave in china. Is that becoming a reality now . There are pockets of infections. We saw 20 new cases both symptomatic and asymptomatic being confirmed by officials here, both in a province in the northeast of the country and province where it all started. There are about 100 Million People in lockdown as officials there try to keep this cluster of infections under control. We see transport lanes close, buses and trains of stopped running, schools have been shut down and thousands of people have been quarantined. A pretty powerful reaction of the local government and that points to their concern about that second wave. Thisad how is all of likely to tie into the annual session . Tom of course to coronavirus come the lockdown all weighing on growth here in china to an extent of course. We will be looking to see whether the Prime Minister stands on friday, whether they will have that gdp target for 2020. Course there is a debate to whether or not they will publish the gdp target. They may face something of a dilemma if they said it to high, and the risk of officials having to rely on stimulus, if they said it too low then it makes clear the government will not meet its overriding objective of doubling the size of the economy this decade. The fans of the chancellor think that if china does set a target, it would look more like a forecast rather than a fixed number that officials will have to hit at any cost. Focusgan said they will instead on issues like employment and supply chain. So we will have to see what the premier says. The consensus is that chinas economy will grow a little under 2 this year. Well get that report on friday morning beijing time. Rishaad tom, thanks. Have a look at whats going on in new york with the first word news. President is again championing a largely unproven drug in the treatment of covid19, saying he has been taking it for about 10 days now. He said he has been medicating with hydroxychloroquine, despite his own governments warnings that it can cause serious side effects. Viceews comes after president mike pences secretary tested positive for coronavirus on may 8. A lot of good things have come out about the hydroxy. You would be surprised at how many people are taking it, especially the frontline workers, before you catch it. It. Ppen to be taking i happen to be taking it. It,taking hydroxychloroquine, right now, yeah. A couple of weeks ago, i started taking it. In other news, china slept in 80 penalty on barley from us target for five years. The measure is Effective Immediately includes almost 74 . Australia experts about 900 million of china of barley to china and says it will challenge the ruling at the wto. Canberra has been pushing for independent investigation into the origins of the coronavirus. International air travel is back, albeit in baby steps. Planes are flying on a handful of routes as the industry reels from the virus. South korea and china have opened a tightly controlled corridor. The Baltic States lifted restrictions last week and australia and new zealand are working on a resumption of flights. And chinas most important political event of the year this week, i may need media reports of unspecified health issues. The billionaire has been a leading figure at the meetings in beijing where corporate and political leaders gather to debate targets for the year. He is said to be preparing to submit several proposals for discussion, despite his absence. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im karina mitchell. This is bloomberg. Ahead, foodll Delivery Services with booming demand. More on that later this hour. Next, could the first vision find be the last . What it means for future investment strategy. This is bloomberg. Rishaad you are back with Bloomberg Markets asia. In wecision to invest sayings wrong, softbank his vision fun lost almost 18 billion in the last fiscal year after writing down the cost of bad investments. Analyst joinsrch us. Chris, first of all, what did you make of these numbers in the pronouncement . Themselvesnumbers were not a great surprise. The company had guided the outlook for the full year, about a month ago. Knowing going into yesterdays briefing no one was surprised by the scale. On bigger question really investors minds was around the buybacks that had been announced as well and whether there would tos meet thes scale of buybacks they had promise. The big positive was that these asset sales have begun and that the company has already effectively presold 11. 5 billion worth of alibaba stock in order to let the buybacks commence. This is going to go down to credibility, doesnt it, chris . We started off its the whole presentation with the picture of unicorns jumping off a cliff into what he called the valley of coronavirus and magically flying out of the abyss. Then he said he was misunderstood, just like jesus christ. What does that due to his credibility now . Chris i have to admit some of the slides they use are nonstandard. That slide did draw a lot of attention. The point i think he was trying to make was, he has invested in unicorns, but despite their status and despite everything we attribute to these highly valued startups, not all of them will survive. The point that he was trying to make was that, out of his portfolio of roughly 90 investments made by that first find, it was very public that he thought as many as 15 of them would go bankrupt. But at the same time, you still anothere in upside in 15. So we can look at the loss and say this is an incredibly large number, which it is. But if you actually go back and look at the Cumulative Investments that have gone into the vision fun, which is 80 1 billion over the last three years, the current value of the fund after all the writedowns is 80 billion. The writedowns, the total net impact after all of this is still only 1 billion. And yes, it was a terrible year, but last year was actually quite a positive year. And like all things, the markets go up and the markets go down. Berkshire hathaway is down. Every investment portfolio is down. So to think that the vision fund would also be down, and its down about 11 this year, but that is still a relatively good performance, in light of what is going on with coronavirus and in light of big investment portfolios in general. Some question, but if you look at performance, its maybe not as bad as people think. It does seem like the tide has changed for softbank. Do you think there will come a strategy, change in due to all the noise were hearing right now, the threat seems to be for some banks to grow at all costs. Will that change . Were getting signs late last year that that was changing. The company basically instructed all the founders that they had to find a path to profitability, that they had to prove Unit Economics. Basically they had to prove that economics work at a single unit level, whether that be a production a unit of production, and if the Unit Economics were there, they would help scale. They have also admitted that in the past, they headed a little bit the other way around, which was grow, and if you grow and outgrow your competition, you will be able to develop economies of scale. So the thinking has definitely changed. The thinking actually started to change around october of last imploded, andrk actually, that was a good and, because these companies have all been being pushed in this new mindset of demonstrating a path to profitability six months before covid19 hit. So for some of them, it has actually given them a little bit of a head start maybe on others in preparing for what could be a very severe downturn. Changed, what has also does it make him more accountable . Some say perhaps less accountable because someone like jack ma is no longer around. Chris i think this is a good question, and certainly jack ma was a peer, and if anyone could influencema, you would think a person of jacks stature would be one. In general, i think having more independent Board Members is probably a good thing. Particularly if they are given the right to speak up and express dissenting opinions. It did feel a little bit like an old boys club. You have to remember, he still owns 25 of the company. Still dissenting board is going to ultimately, probably, concede on something that the founder and owner want to do. The question for minority shareholders is, is that dissenting voice their . Is the profit debate happening . I think increasing the number of independent directors on the board ultimately will be a good thing. Whether that really changes anything, only time will tell. Rishaad and time will tell if it is a success in the longterm, wont it . You think it will be a success but contingent on finding a couple of big winners here. Looking at the stable that they e chris there are definitely some in there that are winners. Tictoc, social media has been ,aking over around the world with their videos, very popular among teenagers, etc. , and growing very quickly. As you mentioned in the preview, through delivery food delivery is an area of outstanding growth in this period of social distancing. Softbank has numerous investments in those types of companies as well. To doordash. S theyve also got Biotech Companies that have been booming in this period, as well as office productivity, which has been growing very quickly as people work from home. Portfolio, there are clearly some elements of the portfolio that are doing better than others. But of the listed companies that have come out of the portfolio, softbank is actually ahead. Those that have gone to market, even despite the softness in ubers share price, the net value of the entities they have listed so far is still positive. So, again, we wont really be able to judge for three or four there is ai think degree of confidence within the management of the vision find that there are enough winners that they will be up to offset the losers and still come out ahead. Great insight, chris lane, Senior Research analyst at sanford c bernstein. Bestperforming we will have a preview. This is bloomberg. Haslinda bank of indonesia its expected to cut its benchmark Interest Rate for the first time this year. Heres one reason why. Recent gains open the door for policymakers to focus on boosting the economy amid the coronavirus pandemic. Are you expecting from bank in asia today . Majority of the 25 point basis point cut theyvet would been fairly measured compared to their peers, having 225 basis points, the last one being in march. The rate cuts havent been so much center stage. If you look at the philippines, they have cut by more on their Interest Rate. Really the dynamics around the rupiah, its always been at the forefront of b. I. Decisions. Theyve had some breathing room, tearing through that, but its going to be a complicated picture given whats going on inh inflation and the rupiah the picture we had this year. For the time being, i think todays decision and more to come on growth will kind of overwhelm the concerns for now, given that imports are down. And pressures of the coronavirus continued uncertainty around the path with the virus in indonesia. Haslinda if the currency is not an issue right now, what questions do you think they will debating in the months to come . Michelle its just all the factors around what can push growth higher. Obviously thats the big concern right now. Than at the start of the year, with 5 plus growth. That are thents of ones that global central bankers are dealing and struggling with day to die day today. The lockdown remains in indonesia. Theyve decided to continue that even through the busy holiday season, just because of the uncertainty around the cases, the spread of the virus, so much they are trying to get under control on that front. Do also stimulus and what to about the economy, should they add more our way to see how it supports the economy . Weighing that with can with concerns on the current deficit, looking at widening the deficit 3 next year. And we have not talked about bond issuance. Theyve had some success in drawing back in investors that really took out boo and some dollars in the first quarter. They recovered a little bit of that for a small inflow in the second quarter. The bank of indonesia will be looking at how they can keep up those behind inflows and investor interest in the future in indonesia. There,a michelle speaking of central banks, big interview coming up tomorrow here on bloomberg television. Asiacial guest on daybreak to talk qe, negative rates and the coronavirus recovery. That is it 7 00 a. M. Hong kong time. Some breaking news out of the united arab emirates. Tranches had was three 20 when he five cents. We were looking at about 165 basis points. This is just a developing story here. Tokyo, lunch break in the nikkei to 25 off the highs of the day. Seeing gains at the moment of 1. 8 or thereabouts. Thats a look at the imperial palace, and this is bloomberg. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Well, it is 12 29. Lets take a look at how todays trade is shaping up, pretty much gains, strong gains on the back of the rally in the u. S. , as well as in europe, asian stocks at two month highs. This optimism, early signs from derna, ande test of mo also when powell speaks, more stimulus. Apanese stocks have regained never mind that the economy has sunk into recession. Ofura sounding a word caution, saying be careful. A correction is coming. Japanese stocks tend to move in tandem with industrial output, which may decline. The csi is up. China ifthat it is true that chinas oil demand is up, factories are reopening and drivers back on the road. The kospi up. Thisering fast from pandemic decline and from the impact of the pandemic, the lows in 43 from its march. Taking a look at where we are in terms of crude, 32. 62, up, news, the the vaccine highest level since midmarch. Old futures also rising. Futuressk on gold also rising, and it is risk on. Steady, theretty kiwi dollar also pretty steady right now, inching up a tad higher at this point in time. Now, here are some stocks to watch. Keeping track of reports that they will not be accepting new but they sayuawei, it is just a rumor. They do not disclose order details from customers. , 7 10 of 1 ,p saying it will continue to buy back their shares, providing some support for the stock. Garuda, the indonesian flight carrier, it is set to benefit finally, we, and are watching rio tinto, surging perhapsding above suggesting it is a stock that has been overbought, so keep a watch on rio tinto. Rish . Rishaad ok, we will have a look at some of these first word headlines, and we have got some of the biggest economies fighting to shore up growth, all amid what is going on out there. Indonesia with rapid easing of restrictions, with a ban of travel during the upcoming eid holiday. There was the relief package that fell short of expectations. Failing to deliver an immediate boost to an economy that was slowing down even before the impact of covid19. We have got fed chairman Jerome Powell confirming he is prepared to use the banks full range of tools to keep rates near zero, at least until the economy is back on track. With testimony to the Senate Banking committee, he talks about challenging times, and that any actions are part of a broader Public Sector response. He will be speaking Tuesday Morning eastern time in the u. S. Germany and france backing a 500 billion euro fund to tackle the worst economy. They are giving money to Member States based on their contribution to the eu budget. The plan is a major step towards s firepowerthe bloc without violating rules on borrowing. Minister,ian prime almost two years after he was first charged, his defense team says they may have been exposed to the coronavirus, with the 25 of the 42 charges he faces in the scandal, including accusations he received hundreds of millions of dollars in bribes. Right, rish, Food Delivery Companies have been one