Transcripts For BLOOMBERG Bloomberg Technology 20170627 : co

Transcripts For BLOOMBERG Bloomberg Technology 20170627



, but next across the currency space. commodities, the big story gold. it was a story. you had goldfinger, if you will. prices have recovered a little bit, but still $10 before the price plunge yesterday. sovereign bonds coming yields on the way down across the board. was a market event yesterday with a cold, but you put everything together and scale it here, near theme lowest levels on record, so does a really change a lot of things. a great chart here. talking about china here, what we have seen, the csi is down about 900 points. we have seen four straight gains into monday. as you see, pulling back a little bit, but a pickup and volumes right here. let's see how it holds together. are nowhere2015, we near unsustainable levels. >> it is what china had hoped for. let's take you back to china. the chinese premier speaking on all the developments that we can expect to see. history shows that every time there was an industrial always gave a strong push to social productivity and the progress of human civilization. this latest round happens in the context of economic globalization. it is changing our world with unprecedented speed, brett, and breadth and death. -- depth. if inadequate measures are taken, it may also create the problem of lack of inclusive growth. in other words, it will create a .roblem of fairness for example, some people may have benefited more from other groups of people, and traditional industries and jobs gapfeel the impact, the between returns on capital and the return on labor. that may also be widened. and if these problems can be , it will properly create both social and economic value. the lack of inclusiveness in eitheray result in workforces -- and the resources. also in balance development among groups in regions. in that way, market potential cannot be fully leveraged and market growth will not be sustainable. growth caninclusive help to increase social equity development oft all and the purposes of achieving sustainable growth compared with industrial revolutions, the new industrial revolution's greater opportunities for inclusive growth. the new industrial revolution , digital,d by network and intelligent technologies has created new supplies and demands. phase ofpanded this development and created more opportunities for equal participation of all parties. ,ith the help of the internet everyone can pursue innovation, start of the business, and create wealth. in the remote mountainous areas in china, the farmers can sell their local specialty agricultural products. two big cities in china in one or two days with the help of expressed the liberty. they can sell their agricultural produce at a price several times .ore than the local prices this is just one example of the power of the internet. if we can provide this kind of peoplenity to all of the , to all those people that have the willingness to create, they will be given unprecedented opportunities to pursue their and the small and medium-sized enterprises are able to stand at the same starting point as big companies. they have also become the new champions of emerging industries. developing countries can leverage their comparative strengths. these are happening in the world. what we need to do is enable more countries and companies to achieve faster development in the new industrial revolution. , to promote today inclusive growth, we need to uphold economicoba globalization because it has facilitated the flow of goods, capital, and personnel, and provided reducers with a bigger market, presented consumers with more choices. during the past 30 years or more of china's opening up, the chinese consumers have gained more choices of products from all over the world without opening up, without globalization this would be unimaginable. economiche course of globalization, all countries can benefit, be it developing countries or developed countries, but that being said both have encountered various kinds of problems, but these problems are not caused by economic globalization per se. isnomic globalization bringing benefits to all countries, but if countries are not able to fully harness the economicf globalization, then we also encounter some challenges, but just like when we sprain our do not blame the uneven road and keep walking, we have to better steer and adapt, promote trade and investment, liberalization, facilitation, and at the same time, reform and strengthen international trade ,ules to ensure equal rights equal opportunities, and equal rules for all countries in each international economics cooperation. some have raised the issue of asr trade, but free trade the foundation of economic globalization is the precondition of fair trade. restricting free trade brings an equal trade, and the principle of fairness is the essential element of free trade. as for the problems or even , weutes in trade relations should take into account each ,ther's national conditions accommodate consultations, interests, and seek areas of converging interests and balance, and this will enable us to find a win-win solution that leverages the complementary nature of each other strengths. one should not impose unilateral rules on others. , only in this way can we ensure both free and fair trade. to promote inclusive growth, countries should rely on their own efforts. countries need to take proper measures to address such challenges as unemployment, widening income gap, and poverty , and the determining factor is the own actions and choices of countries. it is important to promote growth that benefits all. provide equal opportunities or participation, strengthen future oriented education, to make workers better prepared for their jobs in the course of the industrial revolution, and address the structural problems of employment. it is also important to support vulnerable groups so that all can benefit from development. talking about sustainable development, we should not fail to mention climate change. countering climate change is the common responsibility of the international community. china will honor its commitment and implement the measures to do with climate change although china is still a developing country and we need to make tremendous efforts in the fight against climate change, but this is an endeavor that is required by china's own development. gentlemen, china has been committed to promoting inclusive growth. in recent years, despite the sluggish world economy, the chinese economy has been able to maintain steady growth. an important reason is that our growth is getting more and more inclusive. we have been following the principles of innovative, coordinated, open, and share development, follow the general trend of economic globalization and the new industrial revolution. we have adopted development strategies with inclusive features put in place institutions and mechanisms that andantee inclusiveness, have taken policy steps that promote inclusiveness. embarked on inclusive growth with our own unique features. we have given priority to employment because employment is the foundation for achieving inclusive growth without relatively adequate employment, there will be no inclusive growth, and there will be no source of income and social wealth. over has a workforce of 900 million, and every year, 13 million university and junior-college graduates enter the workforce, and also we have labore surplus rural labe force migrating to city and townships, so we take employment as a key indicator of measuring the performance of china's economy. one of the key objectives of stabilizing growth is to secure employment. we have taken proactive employment policies and adopted aone of the full range of measuo expand employment and create new jobs, and we also make sure that there is at least one member of each family that gets a secure job. in the past few years, more than 13 million new jobs were created in china's urban areas every year, and the urban unemployment rate has been capped at around 5%. over the past four-five years, more than 50 million new urban jobs have been created. survey of somee authoritative international economic organizations, which also have relationship with the byld economic forum led professor -- china ranks first in terms of employment. maybe that is because china is also thet populous country wethe world, but indeed, have made utmost efforts to promote employment. for a big country with a 1.3 billion population to ensure adequate employment itself is an important contribution to inclusive growth. >> we need to open up new channels of employment and create new jobs. in this process, we need to encourage more people to get involved in entrepreneurship and innovation. and sharean take part in the benefits. this is the if your mentor requirements of inclusive growth and a defining feature of today's china. in recent years, china has implemented the innovation and development strategy extensively carried out as entrepreneurship and innovation. have achieved the expected results. china's entrepreneurship and innovation is an extensive endeavor, not only including research institutes and also more but ordinary people who have taken part in this process as the chinese saying goes, each cross the sea showing his magical power. in 2014, i put for the concept of mass entrepreneurship and innovation. 40,000 new market entities have emerged every day, including 14,000 newly registered which meansery day, 3 million new market entities and companies have emerged. over 18,000year, newly registered companies in may this year. shared opened and platforms for entrepreneurship and innovation. we have carried out online and off-line interaction and made innovation and entrepreneurship less costly, faster, and more efficient. ecently the world intellectual property index was published. china ranks 22nd. that is 13 notches higher than 2013, number one among the middle income economies. china's entrepreneurship and innovation has delivered benefits to almost everyone, enabling everyone to enjoy, to have jobs, and to fully tap their own potential. , everyone hass enjoyed relevant benefits. new industries, new business models such as e-commerce, mobile payment, and bicycle sharing, we have carried out inclusive methods to promote their sound development. created ant only unimaginable number of jobs, but make people's lives more convenient. drivers contribute around 70% to jobs. it has given more people opportunities to change their lives and expanded the channels of social mobility. entrepreneurship and innovation has also given a strong boost to transformation and promoted the rapid development of emerging industries and injected new figure and vitality to traditional industries. and vitality to traditional industries. i paid a visit to a country with an 80 year history and have promoted mass entrepreneurship and innovation, and in this process, over 85% of their products have become tailor-made they can meet the changing market conditions. every participant can fully tap his potential on this thought production assembly line. changed and also transform the traditional drivers. china's mass entrepreneurship and innovation has developed rapidly and grown stronger. way ofn effective inclusive growth. it has also increased people's livelihood and met people's basic needs. meet the basic needs of food, clothing, housing, education, and health care. we have established the social safety net works for elderly care, health care, and compulsory education, the three basic social safety nets. they are not sophisticated, but wide-ranging and extensive. we have also worked hard to improve the production and living conditions of the poor people. pursued poverty reduction in rural and urban areas. 700 the past 30 years, million people have been lifted out of poverty. we are working hard on targeted poverty reduction at the moment remainingo pull the relation out of poverty by 2020. 100a used to have over million people living in shanty houses in urban areas, and at the moment over 50 million people are living in shanty houses. over the past eight years, we millionovated over 13 house units and increase housing conditions for 18 million people. which equals to the population of a major country. in pursuing inclusive growth, we want to create better life and more dignified life for the people and promote more dynamic and sustainable social developments. we do not ignore our problems. china remains a developing country. this is something we bear in mind every second. we have a lot of poor population and low income people. mobilization in china and inclusive growth, we still have a long way to go. we need to continue to learn from other countries. , i know youentlemen have a keen interest in china's economic performance this year. since the beginning of this year, china has sustained the momentum of sound economic development. in q1, the economy grew 6.9%. performancer, the and structure has increased significantly based on our data in q2, we have the momentum of q1. , thee first five months traditional indicators such as power generation and power consumption and new business orders have all increased indicators of and the new economy also increased even faster. the profits of industrial companies by double digits. the foreign exchange reserves increased and the exchange rate has been basically stable. the employment situation has been quite encouraging. the survey has fallen to 4.9%, the lowest in years. research institutes have forecast for china's economic growth. they believe new drivers for china's economic development has built up and china has made progress towards rebalancing, and this has reflected the optimistic forecast of the market. china's economic performance is .ncouraging the internal structure has improved. downward economic pressure, but china has the stain from massive stimulus are relying too much on resources and exports. instead, we have promoted reforms and transformation. we have adjusted structure. on exportlied less and investment, and now relying more on consumption. the survey sector and domestic demand. last year consumption 64.6% to economic growth, becoming a driver of economic growth. the service sector accounted for 51.6%. account is with the gdp 1.8%.now fell to domestic demand has now become a robust pillar of the economy. has major transformation improved china's quality and insurede, and also greater stability and sustainability of china's economic growth. this can also percent more opportunities for the rest of the world. not only by a lot goods from other countries, import a lot of goods. we imported over $2 trillion of goods from other countries. 100 30 million chinese tourists go abroad. moment, china is faced with a lot of difficulties and challenges and are fully prepared for them. china is undergoing domestic economic transformation and the environment is complicated. some indicators of economic performance will inevitably see some slides and fluctuations in china, but the momentum of roads will not change. at the beginning of the year, i said that there would not be a hard landing for the chinese economy. i have strong ground to argue this. of meetingy capable this year's targets of economic development here at we will stay committed to making progress by stability and focusing on supply-side structural reform, promote upgrades and increased drivers of development and create greaternd dynamism of social development and creativity. we will focus on dedicating streamlining the administration, cutting taxes and costs, promote fair competition, ad market access, provide more convenient services, and remove various barriers to development of companies. we will carry out structural tax cuts, sort out various charges on businesses. year adopted a policy to cut another ¥1 trillion lower burden on companies, and in this way the market entities will feel the impact of our policies, but will also strengthen this process. china has promoted the belt and brodie initiative. this has created the opportunities for businesses around the world. process will explore the third market and achieve win-win results and continue to advance structural adjustments and enrich the placement of all drivers with new ones and promote innovation driven companiest and enrich and makers to carry out integration and emerging industrial clusters. in china haveies created a lot of space and platforms for mass entrepreneurship and innovation and fostered a lot of makers. sophisticated industry development companies have used the cloud platform to makers tollions of participate in innovation and development of those companies. applyl continue to market-based involve based methods to address overcapacity in industries. become a middle income country and consumption is vital in this process. consumption is the demand by expanding consumption, we can fully tap the potential of the market and create more jobs. ofwill meet the new need consumption, continue to improve the consumption environment and foster new areas of consumption. proveannot only in people's lives, but in jekyll bigger for inclusive growth of -- but in jack bigger opportunities for -- in bigger opportunities from close of growth of the economy. a new industrial revolution will further relax market access for the service sector and manufacturing sector. relax foreign investment" is in some areas, which has been important to a lot of foreign companies. theill advance and improve management model and treat domestic and foreign companies as equals in terms of support policies. and as foreign companies get registered in china, we are taking relative pilot programs to promote and provide a single window services for the foreign companies. in this way, the registration process will be streamlined. chinapromote made in for, innovation strategies support policies that are consistent with what we have carried out, these rules equally for all companies, for both domestic and foreign companies. we have treated all of them equally. won chinese companies to invest the profits they make in china. broadvision -- brought vision and do comparisons between different countries, but i think for those companies that have made a lot , to gettment in china integrated into china's economic development and have strong capacity of local production, if you can invest in china with the profits you have made in china, you will enter even greater benefits. let me reassure you hear that for the profits made by foreign companies in china, you can make investment anywhere. there will be no restrictions on the flow of your profits. we will also support multinational countries with regional headquarters in china. there is strong promise here because there are some old industrial bases in china and central and western china with good potential. in the next five years, china will import a trillion dollars of goods and enjoy sound economic developing for a long time to come and present a lot of opportunities for countries around the world. to be a popular destination of investment. we welcome the investment of all countries and will work together with them to achieve, development. some proverbs say that china is still face with some risks. we do not deny these risks and we are clearly aware of these risks, but we believe the lack of development is the biggest risk in china. development ind the financial sector. there are some risks, but we have the ability to uphold the bottom line of non-systemic financial risks. have identified the risks in some sectors. we have dealt with them promptly , and the risks are generally under control to it we are taking effective measures to address these risks and a timely manner. take coordinated measures to address various risks in the course of economic development. of the chinese government is low compared with other economies, and china has relatively high savings rate, capital equity a ratio of commercial banks and provision coverage ratio and sufficient ability to prevent various risks and ensure the economy will perform within the range and and sure medium-high speed growth of the economy and moved to the medium-high level. i hope that foreign investment will be bullish about the chinese market. for both domestic and foreign companies, i hope that all of you will have a good expectation on china. here we are not doing a promotion, but we are making an argument of solid facts. want to show you the prospect that is totally within our reach for the chinese people would say , ladies and german, this see is fast as it admits all rivers. a more inclusive world will be a more splendid place. we are ready to work with other countries and stay committed to economic globalization. we want to pursue inclusive growth and share the future for men kind and create an even better future for the entire mankind. thank you. caroline: that was li keqiang speaking at the world economic forum. what we were looking for, we did not get, which was a potential announcement on bond connect. ,i keqiang talking in dalian china today, reiterating the concerns from the global community, talking about globalization, the concerns about china's debt. correspondent our at the event in dalian, and put this into context for us. speech, howeqiang's was it received? on the main buttons that the audience here one at to hear about. he did not talk about the hong kong bond connect. perhaps he is saving that for xi jinping in hong kong for the 20th anniversary of the handover on friday. he did talk about china will meet most of the economic targets set out for 2017, and the second quarter showed some slight improvement over the first quarter. we know about the deleveraging campaign and concerns that they could take their foot off the gas pedal. some early economic indicators have suggested that, but he said they should hit all targets around 6.5% projected growth this year. also one of the big concerns is about profits made in china, getting that money out, repatriating the money, the capital controls which i put up some of those walls. he said foreign companies are eligible to take their profits share eveney can greater benefits if they reinvest that money into china, no restrictions. relax wheneverll restrictions are in place on foreign companies going ford. -- going forward. he talked about inclusive growth, innovation being the new driver for the economy and cited statistic after statistic, 51.7 of gdp growth now coming from the services sector. he talked about employment, employment numbers are improving. he said that nationwide unemployment rate is falling to four .9%, which he said is the lowest in years. again, employment always a big concern for chinese leaders to keep the masses happy. this is a workforce of 900 million plus, 30 million new guarantor its come into the workforce every year, and they have an aging demographic as this is awell let big concern wg costs living in the cities as well. again, he talked about globalization, kind of a veiled jab at the united states a couple of times. he said equal rights, equal rules for everyone, restricting unequalde will unleash trade. countries must not impose unilateral rules on others. he mentioned very briefly the paris climate change agreement. he said china will honor its commitments. that endeavor is required for china to go on this path of inclusive growth. so he did say a lot. we weren't getting the headline we expected, but perhaps he is saving that for the president xi jinping to say something about later this week in hong kong. angie: just wrapping some of the headlines up from that speech out of li keqiang. is a partner in one of asia's biggest asset management firms. li keqiang talked about a lot of things, but what stood out is , almost the lowest in years, 4.9%, which speaks to your view that china only needs to grow by 6.3% to achieve its targets. >> this is a significant change in the whole equation thinking about china. china's overall objective is to increase its real gdp, to double it, within the years 2010-2020. they are clearly on their weight to completing this mission. the country will on need growth of roughly 6.3% to be able to double the gdp in the same period. the chinese now have some luxuries proved they can on stability, not just growth. abouty have noticed news curbing financial risks, avoiding a property bubble, paying more attention to the environment. this can now be afforded simply because growth is well on track andenvironment. unemployment is on the bottom. angie: you are very optimistic about china. li keqiang did note the concerns and try to address it, in terms thate debt ratio, said china's debt ratio compared to other developed nations is quite healthy. he said the nation also has a high savings rate. if you take a look at it on the flip side, that high savings rate is money that could he used to grow the country even more. the problem is restrictions that are in place in the markets right now that restrict people from feeling like they can spend their savings. >> angie, that is a pretty good point. is known ason financial repression. in simple language, china's capital allocation process has a lot of room to improve. it is a legacy issue from the it was not common in this country, so one step at a time. i think they are working pretty hard on trying to improve the mechanism of savings and investing, but as i mentioned, there are a lot of defects and room to improve, but look at how much has been done already. china as the premier has indicated is the liberalization, deregulation, opening an increased access. this is all happening one at a time. so for example within this year, we can look to the introduction of the bond connect that will allow foreigners to access more domestic bond market in china, which is already the world's third-largest. david: as you point out, you still get the remnants of a centrally planned economy, but hopefully with the bond connect in the proper pricing of risks, but there is an endemic hazard when you look at the bond market in china, where there is the implied put that they will not let the big ones fail. how long before we could attract a lot of foreign money, if and when we get the bond connect? >> china is always one step at a time. fromhinese learned a lot the collapse of the soviet union in the 1990's. don't push the envelope too far, too fast. what we are seeing is the story of experiment to, reform, and success. it is not well known, but right growth,a is a beacon of 6.5%, 6.9% growth in a world of , so every fourh years roughly the chinese economy grows by an amount equal to the gdp of the u.k. these are pretty awesome numbers. angie: no risk, no reward, as how say, but as co-ceo, much risk are you willing to take to participate in that growth? one of the huge issues that you brought up, david, is transparency. >> these are well known issues and well-headlined, but chinese stocks are not expensive today. i think typically the a-shares are something like 14 times earnings, the hang seng is probably 13 times. my favorite sector are chinese companies listed in hong kong, known as h-shares, trading at something like nine times earnings. angie: let's show which you are talking about, #7495. the benchmark has just recently started outperforming a-shares again. you can see the blue line in the shanghai composite index, and here is the hang seng china enterprises index, h-shares, and you are willing to bet that a-shares are going to take the road higher? thessentially i am saying point i want to make first of all is that one of the least recognized stock market recovers has been the performance of chinese stocks in general. year,i 300 is up 25% this and still you get a lot of negative noise in the media, and not a lot of people are paying a lot of attention to this. all, the recent outperformance of a-shares is pretty technical. it has to do with msci's decision to include a-shares to some extent in the indices. manager, youund mention 14 times earnings. that is cheap because the banks are cheap, but then you have the likes of tencent. what do you buy? take the risk and by the banks, or right away? muchmight buy pretty everything. we are a value fund, so whatever we think is value. our portfolio is a mixture of new and old economy stocks, but they are outliers. probablyle, there are a couple of dozen of chinese countries that have issued shares in shanghai and hong kong , dual listers, and you will notice the companies listed in tradinghe same scherzer at a premium of 25% to their counterparts in hong kong, so a value guy like me would buy the hong kong shares. for 25% cheaper and hong kong compared to shanghai, why not? that kind of thing is over the chinese stock market story. angie: very good to see you on lis day that we hear from and put this in context for us. value partners here. stay with us. we continue to monitor the remarks out of dalian, china as li keqiang sits down in front of and put this in context for us. value partners here. an audience of the world economic forum. he talked about globalization. he talked about markets, stability, and the employment high,n china at a record he said, all speaking to the optimism for the world's second-largest economy. this is bloomberg. ♪ angie: this is bloomberg markets: asia. david: let's get a quick market check. mixed, but seeing the regional index higher for a fourth session. some strong moves from philippines, new zealand looking good, and south korea in focus after consumer confidence picked up in june. we still have a number of markets closed. .he middle east closed malaysia, indonesia also closed. india and singapore back online. singapore up .4%. the major focus has been the gold price. gold spot now unchanged. that me show you the three day chart of the commodity. we saw that big drop coming 1.6% inby as much as the london session, speculation about a fat finger trade, trying to get a bit of a rebound, but pretty flat. that is playing into the gold players in the region, the likes of new crest under pressure. corp. looking good in taiwan, rising the most on it is collaborating with nasa for virtual reality projects. a couple of upgrades in the south korean space. moody's upgrading lg display, higher by four point 2%, and it also upgraded lg electronics, down by 2.8%. as many stocks higher as are lower, but that goes coming through from the nikkei helping the overall regional index as we see the yen on around 111 to the dollar. president trump warned prime minister modi that his country must do more to reduce obstacles to exports. ,> a joint public appearance trump saying the two countries must have a trading relationship that is fair and reciprocal with areas removed. joinedfor more, we are by ian marleau. this is a very valuable relationship, but it seems that perhaps one person is driving the bus to prime minister modi's disdain. the yeah, i think trump has been unpredictable since he came into office. india has not really been on the radar, so everyone in india was thinking can this visit come off without a malcolm turnbull style blowout where trump uses india or prime minister modi to ram home some point on immigration, so people were hoping for a that moves things forward and keeps the economic relationship going, and that is basically what we got. there are pledges on intelligence sharing, maritime security, antiterrorism cooperation, and prime minister modi also met american ceos, but there was also substantial progress, prime minister modi wanting to get something on the h-1b visa for indian tech workers, which trump is revising , and so there was not too much substantial stuff coming out of this, but at least it was moving the relationship forward. david: as he heads home, i know there is a not a lot for him to bring back, but a small win that gets to take back to india, what would it be? >> i think it is the continued strategic and defense relationship. was one of the things that india could really promise not having the resources or the capacity of a lot of developed nations. promise tokind of look after the region and cooperate with america on indian ocean security and all of these things, so he walked away with an offer of u.s. drones which has been on the cards for a couple of years now, so maybe a couple of defense deals and defensive strategic cooperation are probably the main things to look for out of this. angie: how much criticism will he get from the i.t. industry in india for failing to pursue that h-1b conversation? hopes are high in the indian i.t. industry for getting something on this, but they know that this is one of trump's immigration reform, the travel ban, all these things are to hisngs that promise domestic constituency. both have ae they strong man persona and a promising different things or takeaways that are in contrast with each other. modi was to promote jobs at home, trump was to promote jobs at home. those things don't jive well together when you are trying to get these deals done. made in america, made in india, got a make it somewhere. are india economy and government reporter. one feature i like to bring to your attention is our interactive tv function. , you can watch is live and watch past interviews. any of these charts are securities that we talk about here on the program. you can become part of the conversation as well, send us messages during our shows. this is for bloomberg subscribers only. check it out, tv . ♪ nomura strengthening internal controls. our sources say japan's biggest brokerage has acknowledged it has violated local law. bloomberg reporting that a former branch manager mishandled private information, that a laundry company wash house was considering it stock listing. angie: expedia says it sees new opportunities in japan. the country manager told bloomberg it would change the market completely. airbnb has taken the lead in japan, but homeaway says it's focus on luxury vacations gives it an advantage as the market expands beyond sharing individual rooms. reports of the death of brick-and-mortar retailing may be exaggerated. it is opening for new stores, selling skincare products in china. chainerator of watsons plans to open 1400 outlets globally this year, more than a third in china. before we end the show, we talked about china, but let's talk about the fed. voices whenlot of it comes to central bankers, janet yellen, mario draghi, who else? bernankerk carney, ben . have a look at this bloomberg chart we put together. this is come to from bill dudley #458.rk fed president, because we have not seen anything big in the market, the fed is working. because it is called, it is not disruptive. angie: calm and cool is sherry and sitting right next to us. >> those comments will be key. we will watch that on bloomberg markets: middle east. ban byf that travel president trump have been reinstated by the u.s. supreme court. what parts exactly? it is interesting that they are exempting people with a bona fide relationship with a u.s. person. what does that mean? whoooo. you're searching for something. like the perfect deal... ...on the perfect hotel. so wouldn't it be perfect if there was a single site where you could find the right hotel for you at the best price? there is. because tripadvisor now compares prices from over 200 booking sites... ...to save you up to 30%... ...on the hotel you want. trust this bird's words. tripadvisor. the latest reviews. the lowest prices. ♪ geopolitical risk on the rise. >> china's manufacturing may have already peaked this year, with signs of factories will slow down. >> and takata is said to be the biggest loser of the day. customers fear they have to dig deep. >> in the supreme court revises

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