another market in the red down for 10th of a percent and now a fourth quarter gdp beat estimates, growing 2.1%. europe bonds lower than the quarter. chinese stocks extending their around and doing good. shanghai up 8/10 of a percent. shanghai composite up for seven straight days. the highest level since the end of last month. china's january property prices falling a bit less than in december. i tell you which stocks are moving later in the program. to our top story. the debt drama in greece. creditors talks collapsed in brussels. finance minister said that greece refused to be considered a debt colony but said he does expect some sort of agreement this week. the greek government wants its current bailout program scrapped and is seeking an $11 bridge -- $11 million bridge loan instead. josh, we will hear from you in a moment. let's hear from the main players first. >> in the history of the european union nothing good has come out of ultimatum. we proceed from crisis to crisis and this is how we improve it. i have no doubt that in the next few days, any notion of an ultimatum will be with drawn. >> there is flexibility in the program and we are open to discuss replacing measures. but, not why taking unilateral actions. it is up to the greek authorities to decide what are they would want such an extension whether they would take up the offer to look for the flexibility in the program. also, to give off the kind of commitments i have just mentioned, which are important to all members of the eurogroup. >> john is here to pull all of the strings together. how serious is this standoff? >> it is getting quite heated. it is very active on twitter. he is here to sign a deal that the french minister signed up as a draft. he claims that was the draft coming forward. it was denied. this is going on behind the scenes. greece says, beside never existed. that is one thing. the bigger picture is that the greece and other ministers have told greece that by this friday you must decide on the bailout, stick with the bailout. if you do not the 7 million you want to keep rolling over would not the forthcoming. that is the problem. they have noise -- no choice but to accept the current bailout which expires at the end of the month. the actual bailout expires >> the 28th. but they have been given only this week. if no extension, we are done. the time is ticking. 11 days to go. >> the big concern is the greek banking industry. how long has it been? >> extremely volatile. one day that -- the bottom line is, at the end of this month, if the 7 million is not forthcoming, the ecb liquidity systems program is also not forthcoming. greece defaults. the greek banks relying on that system the greek banks also closed out. people on the streets are saying, why savings are in these banks. i am putting them -- pulling them out. >> thank you for that. you can get more on that and the rest of the days news at bloomberg.com. you find in-depth reports and you can watch the interviews you may have missed today. >> a look at other news. singapore's economy grew more than expected and the last quarter. u.s. recovery and falling oil prices boosting demand. ahead of what economists have been calculating, take a look at capital land. his valuations of investment properties. revenue, 1.5 billion singapore dollars, more than one billion u.s. dollars. a look at the shares there up 1.1%. fisa has been trying to restructure. they are set to cut a deal by the end of march and complete the process in april. it is a key condition as shares failed to rival soon at -- sun ac. >> china was out with property -- percentagewise, it was less than they did in the previous month. christine is going to the numbers. where arewhat are people suggesting? >> the headline numbers that you just had suggest prices could be flattening out. we saw the government cut rates in november and they cut the reserve ratio recently and the central bank has been very active in liquid in into the bank. -- very active injecting liquidity into the bank. like i said, it is not really reflective of higher home prices overall. there is still a lot of excess inventory from before and developers are still trying to get rid of these unsold properties. they will even heavily discount them to move them. i just had a chance to look into those numbers city by city. we have some graphics for you here. the top cities are seeing modestly less declining prices but other cities, are drastically lower in january compared to december. that suggests that demand has not picked up in many cities across china. >> tell me about shenzhen it was the only city to show higher home prices. what makes it special? >> it has all the trauma that happened -- drama that happened. it is one of two cities that has seen a rise in home prices. but shenzhen gain is only 3% compared to 1.2% in december. you still have a lot of potential bad debt in that sector. local governments did sell a lot of land at high prices and developers were going to finance those assets with higher property prices and now it is selling everything at a discount or a loss. you have to wonder, how are they making their money back? those are the questions we need to be asking. >> thank you for that, christine hartford in beijing. >> let's take it to the shery ahn, a look at how these markets are developing today. >> it is been a great month for chinese developers. total sales revenue falling 5% year on year and today is a good day for them. property prices come in better, real estate up 1.6% and jen dale up 9.6%. take a look at the other chinese stocks we're looking at today. despite news that u.k. regulators are looking into hsbc's actresses given the allegations that it helped clients evade taxes. these are despite the losses and a drop in a full-year net of 9%. we are seeing chinese stocks rising for seven straight days. not so much today down 2%. that's because they're actually reporting net loss for 2014. >> chips with everything we are talking about record investment to keep up with the man. up next, residential permits. we talked to an online recruiter about how that may change the job market. >> checking some other stories making headlines around the world. the cease-fire is under strain and flames on both sides. the secretary says his forces are not ready to withdraw. the eu extended its travel ban against russian officials a move that hasn't been seen since the end of the cold war. thousands of people have marched through copenhagen. they died in an attack on a free-speech debate and on a synagogue. thank you for assisting with the attack. >> disgraced cyclist lance armstrong has been told to pay $10 million to a promotions company that gave him bonuses for his victories. an arbitration panel cited what it called an unparalleled pageant of perjury, fraud and conspiracy that covered up his use of performance-enhancing drugs. his lawyer said the ruling is contrary to texas law and predicted it will be overturned in court. >> finding a job can be tough sometimes, then maybe one of the largest employment websites in china can help. so dreading its 21st birthday. it went public in new york last june. the chief executive joins us now from bloomberg. let's have a view at your latest set of numbers. you beat what the estimates were for your latest quarter, but it says that your forecast didn't quite measure up to what they were thinking why are you seeing a slight fall back? >> i actually think we have a very strong quarter. it is 30% up and the listing is 37% up and profit is 60% up. we are beating the estimate from the street. this is the chinese new year. if we look at the number there is some seasonality factor. the number will be bouncing back when people are coming back from vacation. after they get a bonus they will jump ship. >> i want to get a flavor of what is going on on the job market against most of the urban centers we are talking about as well. how are things in evolving and the type of work and employment and are you seeing salaries moving as well? >> first off we see a very fundamental structure change in the chinese economy and job sector. we used to believe that china is a manufacturing economy but now it is switching to a service economy. the hot jobs are in i.t. internet, telik medications and financial services. typically on financial services we used to believe it was large banks, but now we see a trend of other banks, the local banks and provincial banks and a lot of much smaller bonds popping up in the economy. we see a very strong fundamental change in the job sector. everyone is talking about how the economy will be slowing down, we actually see a slowing down and we see another positive structure change in market. secondly, regarding wages and salaries, it is quite polarized. in i.t., internet and the financial sector, we see wage increasement very strong. and manufacturing we see a very slow growth of the wage increasement. we expect it to be gdp of 5% to 10% of wage increasment. >> that is very interesting because that would bring me to my next question, how is china involving as it tries to go up the value change in your partially answered my question haven't you? >> i think, if we look at all of those jobs china is growing very steadily. we are seeing the traditional retail format. they are struggling a bit the growth rate in terms of the employment number is relatively slow. there is much more value adding on e-commerce. they are actually growing at phenomenal speed. their recruiting very heavily we are seeing the traditional formats of all the industries which were successful in china. those disruptive players, all the people trying to move to the valley had new technology and no brand, they are doing very well here. >> even within manufacturing you are seeing a change as people go up the value chain with a bad part of the economy? >> we actually see that in shenzhen. we see people focusing on electro supply chains. they are recruiting very heavily and they continue to attract talent and employ a lot of people. if you look at some of the manufacturing, even though it is in eastern china, if they don't have the brand or the technology they are suffering a bit. the people who are ready to move up are doing very well. >> very quickly, this huge proposed reform, how will that affect your business, how will it affect the employment market? >> actually the impact is not as big as people might think. a lot of people graduate students, college students are already in beijing. the company is helping them to get temporary work in beijing. the system is not such a big driver, but the cost of living is very expensive so what is driving the people out is not the other things it is the cost of living. we see the employment opportunities and huge openings in the cities and people are moving to those cities. if you want to do business in china, try to move into second tier cities where the economy is growing faster. >> great talking to you, talking to us about changes in employment intra-china. -- in china. new year, new rules. more details after this. ♪ >> it is that time of year again when the biggest wave of migration rumbles into china. millions of people will be there for the festival holiday. that highlights the huge number of migrant workers and comes as the government announces changes in residency laws. let's talk about the new year rush. >> the rest of the train stations and airports have begun. let's bring up the numbers. we can look at 2.8 billion journeys. that's not individual people but the number of trips there and back and elsewhere over the 40 day. the actual spring festival is from tomorrow through the 25th about a week. you can see 295 million train trips expected, that is probably a conservative number. 57 million plane rides during the holiday period as well. that projection is a 10% increase from last year. >> we have been talking about it all morning. residency rules are changing how does this affect migrants? >> the household registry set up in china which dates back to the imperialist times. it basically restricts people to their hometowns for housing buying a car schooling, health care and social benefits. and migrant workers there are 200 million in china and when they go to another city they don't get those rights, they get a temporary revenue permit and they are discriminated against because they have no rights at all. now the public security ministry says we will abolish the system and you get a permanent residency permit. this is the first step in hukou reform. >> we are looking forward to that afternoon business in tokyo where we have seen switches between gains and losses topping the seven-year higghh yesterday. all eyes are ungreased. the latest after the break. >> greece rejects europe's debt conditions as absurd. the currency falling for a third way and china is turning up billionaires on an industrial scale. >> the bank of australia outlining what was behind a decision to cut the country's cash rates to a record low. what did actually fall behind because they are already at record lows before that. >> they did discuss it extensively, they reveal in the february meeting where they cut the rate to the record low. as for the reasons for doing it they had doubts about the domestic spending pickup. they said there is considerable uncertainty around the timing and the extent of increase in household consumption growth. the bank had something to say about confidence as well. there seeing an improvement to take on risk had the potential to lead to stronger growth. you can tell the governor's stevens has reservations about that as well. it is only last friday he was testifying to parliament about diminishing returns. it doesn't have the impact it once did. the bank is also concerned about china and uncertainty over the property market their and weakening demand for australian commodities. the decline is well known and taking the ozzie dollar -- aussie dollar with it. no clues at all in the rb eight minutes about what they might do next. they correctly predicted that the cash rate would be cut to that fresh record low of 2.25% in february. as for march they are pricing in a 70% chance. >> thank you for joining us. let's go to the markets and the equities and have a look there. >> we are looking at premium stocks right now, we are looking at this company who reported a 3.5% rise in cash profits, but there stock is 2.7% down and their loan margins fell. a different story for aurizon rising. they are a rail freight company. the workers are planning a strike for friday but they say it does not affect their outlook. rio tinto seeing a problem in the media. they say there will be no your radiance -- uranium spill at their mine. now sony hit 6/10 of a percent down today japanese media reporting that sony will prioritize devices, beats and entertainment offerings. sony up 1.3% today, local media have reported they are planning to reorganize their home appliance business. nintendo of 1.4%, today they are holding a briefing for analysts. japanese stocks haven't been doing very well this morning. they actually fell in the morning session but coming back today in the afternoon session. >> taiwan semiconductor's going head-to-head with samsung, the companies battling it out to try to win shift orders to meet the booming demand for apple iphones. planning some record spending here? >> $12 billion for the year right now and overall people say this is the price they are paying to get apple's attention when you have samsung and they are fighting for orders with qualcom and the samsung division. we saw iphone sales go up and you take a look at the spending overall and let's add in intel. they're spending $1 billion more than intel has ever spent in a year. of course this is the response to the korean company as well. analysts say they are still ahead for now in terms of production technology. ubs estimates they will spend close to $5 million this year in cap ex which is up from last year. we can see from this industry that the tables can turn very quickly. with the iphone six, most are manufactured at tsmc. they're coming aggressively against samsung overall. >> how will it help suppliers? >> when it comes to the asian suppliers, we are talking about tokyo 16% of the revenue comes from tsmc, 25% of the revenue. things get more efficient and things are more high tech and the chips is this is increasingly competitive because it takes about $5 billion to build one of these modern plants. in the end they are obsolete in five years or less and the company has to operate them 24 hours a day. >> let's take a look at some of the other stories making headlines. >> authorities in the u.k. are investigating the hsbc services. the financial authority says it wants to -- sources say the fca does not plan to open a formal inquiry as of yet. these pictures show that they are allegedly damaging $200,000 machines. the mirror says it expects the value of ipo's in japan to reach highs not seen since the late 90's. about 100 companies are planning to go public. japan post is one of the companies repairing to list. they will be one of the biggest private is asian deals. those of the top corporate headlines. >> some optimism about ipo's in japan and confidence enter china is they are churning out alien heirs. -- billionaires. let's see who is the latest on this list. >> good morning, the chinese stock market is doing really well and has created some 24 new billionaires this year. one of them is the special chairman of the spring airlines. spring is an airline known for thrifty does. reportedly when the executives traveled they share hotel rooms and only have instant noodles. maybe that is why he became a billionaire. he leads this consumer electronics company and it recently acquired a maker of google glasslike products. his spokesperson told us that his being a billionaire is all paper wealth and he would rather focus on developing his business. another example of a new billionaire is the founding chairman of beijing -- a technology developer. they grew by 10% for nine days straight and that is why zhuo is worth $1.8 billion. >> so why are the chinese ipo's doing so well? >> there are two factors, the first i mentioned is chinese stock market is doing really well. last year the shanghai composite was the best performing index in the world. the bull run his continued this year, shen jen the smaller exchange of the two moved up this year and that makes it the best performer in asia. the second part of the story is there has been this pent up demand as well. ipos only recently began again. one analyst said it was a man-made scarcity and that fueled demand for ipo's. >> alibaba is what we talked about before. we know it created a lot of billionaires when it floated, but a lot of division that is being created, 12 or 13 of them. >> alibaba is a company that is responsible for creating so many billionaires. the finance affiliate of alibaba is the finance company of alip ay. this company recently had a reevaluation and its value doubled to 50 billion. the reevaluation was for private placement. with this doubling some 13 new billionaires were created. that includes the ceo jonathan lu and the chief financial officer. and of course, jack ma himself has really in a fitted. his wealth -- has benefited. his wealth this year has increased from 7 billion this year to 35 billion. that makes in the richest person by a comfortable margin. >> coming up next, the greek debt debate. is it just a game to the finance minister? our correspondent puts that to yanis when asia edge returns. ♪ >> let's check on some of the stories making headlines around the world. egypt responds with kelly asian in claims of the islamic militants had murdered a bunch of coptic christians. they showed videos of reported explosions where the isis is said to be at its strongest. egypt is working with libya and the united states for a coordinated military response. the new president hailed the close relations between the two countries. the agreement says india would provide training and expertise. they said they would also defend -- defend security ties. the debt talks collapsed in just three hours in brussels. he said europe's conditions were absurd and that there is no plan b. he says he expects some kind of deal this week. the current bailout program was scrapped and the $11 billion bridge lend in said. >> is greece playing a high-stakes game? hans nichols put that question to the finance minister himself. >> if you are not playing game theory and you are not play poker or not bluffing, what game are you playing? what can you do to assure voters you are not playing monopoly with fake money? >> i have never played monopoly with fake money, i always played with genuine napoli money -- monopoly money. let me answer your question. unfortunately i have had a past of an academic of studying game theory. one of the things, as i wrote in a recent article, which i taught my students, is that game theory is based on a realistic assumption that the margins of players are fixed. i don't believe that anyone's models in the eurogroup are fixed and i don't believe anyone is selfish. i think we are perfectly capable of rising above our now are -- narrow perspective. on the question of bluff, what does a bluff mean? think of poker, you have a seven, a 10 an and ace. what we have been seeing, from the beginning is we want an honorable settlement. we want to wed together these principles and the principle that there is a government that challenges the logic of the program. let's find common ground. it is not a bluff because it is the only option we have. it is planned a, there is no plan b. no games. >> let's get some more views on the poker game in brussels. joining us now is yvonne and john, who has the upper hand? >> that is pretty obvious. [laughter] >> who has the joker? >> the germans. [laughter] >> is it about a game of facts or is it all in the mind? >> the facts are pretty straightforward. greece owns a lot of money and needs to come up with a plan on how to repay it. a plan has been in place and the plan actually worked well in the greek economy was recovering. >> i think many would dispute that. they say they have never felt worse before. andrew ferris said it is diabolical. >> that is total nonsense. >> how do you explain 20,000 people protesting in support? >> it is understandable, they are the same people who voted for him in the first place. so what spurred them to it is they have never had it so good as in the last several years riot to the crisis. when they all of a sudden availed themselves of the interest rates that paid for all the major european countries. they didn't use that money to do anything with it other than put it into their pockets. i will give you one number. greece has 750,000 public employees. germany is a country eight times the size of greece. now these guys want to hire back 10,000 have hired. how does that make sense? >> i just want to say, he was talking about game theory. the most famous game is the chicken game. who will blink first? [laughter] >> my view, when this new government is elected, as i wrote about it, is that what they would do is threatened to go into default and that would hopefully for them turn the situation. they have since then come to the conclusion that is not what the greek people want either. right now, they will blink because they have no choice. >> it is the fundamental problem with europe. northern europe to southern europe fundamentally, the mindsets are different. for me it will not work. if greece defaults, and leaves the eurozone, the problem is they have a domino effect politically. italy, spain and portugal do the same. in this three-hour conversation, portugal was raised and greece was the bad boy in the class. but they have no choices. they oso many billions of euros, they have no choices. -- they owe so many billions of euros they have no choices. will they disintegrate? >> nor don't think so. >> if they leave, inevitably spain and portugal follow suit. >> first of all, just one other point, spain. 3.5% growth, the toughest of the austerity programs. >> 50% unemployment in growth -- greece. >> do i like this thing? i didn't create it. i didn't borrow the money. there is no way you can have a monetary union without some sort of fiscal union. that is what was being attempted. it wouldn't work. it worked in the united states of people thought, why not here? >> 19 different cultures coming together but the history of war and everything else to agree on one currency. >> anyway, the bottom line here, -- >> work ethic is different. >> some people sing 25% probability that the greek will exit the eurozone, what are your chances? >> i think it is at least 30% at this point. the bottom line is the eurozone as a whole is the latest numbers are showing is doing well. the german economy grew twice as fast as people expected. the spanish economy is three times as fast. so there is no question in my mind that the eurozone controlled this problem. >> when not in hamburg, there was an alternative to germany for the first time, anti-europe parties. >> that is part of the deal. if the germans look at the greek finance minister and saying paying back the debt is absurd than the german say why should we be part of that? it is a natural reaction. i am not going to say that out louad -- >> we are not going to fix it today and we won't figure out world peace, either. thank you for joining us as we continue to count down to greece. >> up next from a reported popstar to an anthem of full democracy. >> one man's life-changing musical journey. ♪ >> there is hope for us yet. >> not when it comes to singing. if you dreamed of giving up your day job and changing your life this could be an inspiration. >> he went from being a london reporter with a dream to a popstar in hong kong singing a song that became the anthem of popular protests. >> this is the song that changed kashi keegan's life. ♪ >> in 2013 he was working as an entertainment journalist into london. he had been trying to make his name in the music industry. he was about to give up when he finally got a break. >> i would record demo after demo and send it out unsolicited to different management companies. and just when i let go and gave up, everything happened. >> entrepreneur ricky wong was looking into history much shaking up the hong kong tv market. investing $100 million in the project. he plan to use "this is my dream" as a theme. when hong kong rejected the theme with no explanation, it found new life. the anthem for an antigovernment protest. >> here i was in england doing my job and i'm getting all these e-mail alert saying people are uploading your song on youtube. >> this was the most downloaded track on itunes, beating even lady gaga. he was not going to let that opportunity pass him by. he moved to hong kong, one a recording contract and is just released his first album. >> it might seem crazy for some people to give up a life you have established for yourself in a different country to move on a whim, but it didn't go too badly so far. >> a song written in frustration in the u.k. has pushed kashi keegan into the spotlight on the other side of the world. if at first you don't succeed in london, you can always try again in hong kong. >> there used to be an acronym about that a few years ago. we won't go there. kashy keegan and his road to success. >> we have all found our way to hong kong, following dreams or otherwise. that is it for us in asia. ♪ >> the following is a paid advertisement from starvista entertainment and time life. >> ♪ somewhere beyond the sea ♪ >> bobby darin, frank sinatra, dean martin. >> ♪ volare ♪ >> tony bennett, nat king cole johnny mathis.

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