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Speaker 1: Good morning.

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Speaker 2: I'm Richard Salami and I'm Brian Curtiz. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We've got China's top economic planner creating a new department

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Speaker 3: to help private businesses and revive confidence in the sector.

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Speaker 3: The Private Economy Development Bureau will be responsible for tracking

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Speaker 3: and analyzing the state of the industry. This it has

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Speaker 3: been made by China's National Development and Reform Commission, the NDRC.

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Speaker 3: Now it said that the new bureau will coordinate in

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Speaker 3: draft policies to promote growth. You will also regularly talk

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Speaker 3: to companies and help them resolve their main problems. The

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Speaker 3: NDARC says it's encouraging big banks to review private projects

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Speaker 3: and to consider financing them, and it'll support their attempts

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Speaker 3: to improve international competitiveness.

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Speaker 2: One quick story here that I didn't mention in the

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Speaker 2: data check Trip dot com second quarter revenue eleven point

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Speaker 2: two billion YON. That was stronger than the estimate of

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Speaker 2: ten point seven eight billion y on for the details

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Speaker 2: on that coming up. Meantime, Huawei and China's Semiconductor Manufacturing

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Speaker 2: International have built an advanced processor to power a new smartphone.

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Speaker 2: We get the story from Bloomberg's Joan Wong in Hong Kong.

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Speaker 4: Huawei's new Made sixty Pro is powered by a new

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Speaker 4: Kiran nine thousand S chip. That's according to a teardown

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Speaker 4: of the handset that Tech Insights conducted for Bloomberg News.

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Speaker 4: The chip was fabrigated in China by chip maker s Mic.

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Speaker 4: Huawei's new phone was quietly released online last week without

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Speaker 4: key specifications being detailed, as a sign Beijing is making

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Speaker 4: progress in a nationwide push to circumvent US efforts to

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Speaker 4: hold it back. The processor is the first to utilize

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Speaker 4: SMC's most advanced seven nanometer technology in Hong Kong. Ro

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Speaker 4: and Wan Bloomberg dey Bragaisia.

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Speaker 3: Now let's have a look good to Ali Baba and

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Speaker 3: its cloud division, because they're said to be weighing a

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Speaker 3: private round to raise funds from Chinese state earned enterprises,

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Speaker 3: even Bloomberg's buddy Ahasimo from right here in Hong Kong.

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Speaker 5: We're told Alibaba is looking to raise one point four

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Speaker 5: to two point eight billion dollars for its potential cloud

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Speaker 5: intelligence units, and that prospective investors include state backed telecom

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Speaker 5: companies selling sticks to sooe Is ahead of the spinoff

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Speaker 5: could alleviate Beijing security concerns. The move comes ahead of

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Speaker 5: the business's market debuts in Hong Kong. Earlier in May,

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Speaker 5: Ali Baba said it planned to spin off the units

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Speaker 5: by distributing a diffidend to shareholders within twelve months. So

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Speaker 5: to say. Deliberations are preliminary and details of the financing

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Speaker 5: could change in Hong Kong, I'm Bonnie our Bloomberg day

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Speaker 5: Break Asia.

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Speaker 2: In other corporate news, BYD says it plans to enter

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Speaker 2: the EV market in Europe with affordable prices and he

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Speaker 2: wants to announce a factory location in Europe by the

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Speaker 2: end of this year. We heard more from BYD managing

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Speaker 2: director for Europe, Michael Schu.

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Speaker 6: We've got a very good marketing performance in China. Europe

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Speaker 6: is our strategic market and we want to try. We

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Speaker 6: want to communicate with the cosmo here and let's see

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Speaker 6: the IA is great opportunity and to have this conversation.

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Speaker 6: We love to be here and to help every customer

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Speaker 6: in Europe. Can Veda Bruce in Munich.

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Speaker 2: In the meantime, Chinese EV maker x Punk says it

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Speaker 2: plans to start sales in the UK and Germany next year,

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Speaker 2: but co President Brian Goo said North America is off

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Speaker 2: the table because of the current political environment.

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Speaker 3: Right the Reserve Bank of Australia is set to keep

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Speaker 3: rates unchanged. This is a Governor Philip Lowe's final meeting

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Speaker 3: and that unchained stunts coming. According to Bloomberg Economics, the

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Speaker 3: IBA has lifted rates by four hundred basis points since

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Speaker 3: April of twenty twenty two. It's the largest and fastest

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Speaker 3: tightening in the inflation targeting era. But with inflation expectations

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Speaker 3: still elevated, Philip Lowe will probably lay out the case

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Speaker 3: for more tightening if necessary. His success is Michelle Bullock.

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Speaker 3: She said last week that Australia's Central Bank may need

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Speaker 3: to raise rape again. We get an RBA decision that

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Speaker 3: is at two thirty pm Sydney time, that's twelve thirty

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Speaker 3: in the morning for New York.

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Speaker 2: Well, let's take a look at this one. Rish natural

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Speaker 2: gas market set for more volatility here, with workers at

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Speaker 2: Chevron's Australia facilities set to strike for up to twenty

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Speaker 2: four hours a day. Bloomberg's Paul Allen has more from.

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Speaker 7: Sydney workers at Chevron's Gorgon and Wheatstone facilities in Western

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Speaker 7: Australia have voted to walk off the job from September

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Speaker 7: fourteen if the deal on pay and conditions can't be

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Speaker 7: reached as it stands, there will be partial stoppages of

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Speaker 7: up to eleven hours per day starting from this Thursday.

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Speaker 7: Chevron says it's continuing to work through the bargaining process

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Speaker 7: and has asked Australia's Fair Work Commission to assist with mediation.

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Speaker 7: The two affected Chevron facilities contributed about seven percent of

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Speaker 7: global natural gas supply last year. Paul Allen, Bloomberg Daybreak Asia.

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Speaker 2: This is Bloomberg Daybreak Asia. Other stories coming up, We'll

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Speaker 2: be looking at Australian lithium maker Liontown Resources saying it's

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Speaker 2: open to a new four point three billion dollar takeover

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Speaker 2: offer from Albemarle. Also, CVC Capital Partners is said to

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Speaker 2: be nearing a deal to buy the infrastructure investor DIF

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Speaker 2: Capital Partners. This is a big deal. DIIF has about

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Speaker 2: seventeen billion dollars of assets under management. We have oil

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Speaker 2: holding near the highest level since November as opek plus

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Speaker 2: tightens up the market a little bit. And it's also

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Speaker 2: quite interesting that Ali Baba is selling shares to state

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Speaker 2: owned enterprises. Does that mean even more party overside and

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Speaker 2: what does it mean for board members? We'll put that

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Speaker 2: to our guests. But now it's time for Global News.

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Speaker 2: North Korea's Kim Jong un is planning to visit Russia

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Speaker 2: to talk about arms deals at Bacher has Global News

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Speaker 2: from the nine to sixty newsroom in San Francisco.

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Speaker 8: Ed, Yeah, that's right. Brian Kim will travel to Russia

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Speaker 8: this month to meet with Russian President of Vladimir Putin

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Speaker 8: to discuss the possibility of supplying Russia with more weapons

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Speaker 8: for its Ukraine war. The plan, according to US sources,

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Speaker 8: would be for him to travel by armored train from

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Speaker 8: Pyongyang d Vladivostok, although he could ultimately go to Moscow,

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Speaker 8: and Reuters is reporting the two will discuss holding joint

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Speaker 8: military exercises as well. I Meanwhile, Ukraine's chief diplomatic advisor

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Speaker 8: Ihor Zavakova saying that Ukraine's counter offensive temple will increase soon.

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Speaker 8: In an exclusive Bloomberg interview with Maria Todeo, he says

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Speaker 8: it's not a Hollywood movie that can be done in

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Speaker 8: a day, So.

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Speaker 9: The president is making his decision. He has absolutely rights

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Speaker 9: chief military commander of the country. So we are hoping

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Speaker 9: that the temple of the counter offensive will be increasing

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Speaker 9: and definite. The Ukraine needs to achieve very significant results

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Speaker 9: the near soon.

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Speaker 8: Yeah, soa Khova saying that he trusts Turkey will do

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Speaker 8: all possible as well regaining the grain deal. But Bloomberg

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Speaker 8: now is reporting the current talks evented with Vladimir Putin

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Speaker 8: saying that he would not revive the deal. At this point.

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Speaker 8: Less obstacles to right Ush's own agricultural export hurdles are removed.

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Speaker 8: The leaders do go to the G twenty this week,

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Speaker 8: the head of the World Trade Organization of sharply criticizing

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Speaker 8: Western governments for embracing protectionist policies and shifting toward a

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Speaker 8: power based global trading system. No country was singled out,

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Speaker 8: but the US under Trump and Biden have called for

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Speaker 8: more domestic production. US President Biden using Labor Day as

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Speaker 8: a campaign stop.

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Speaker 10: Today, when the last guy was here, you were shipping

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Speaker 10: jobs at China. Now we're bringing jobs home from China

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Speaker 10: when the last guy was here. When the last guy

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Speaker 10: was your pensions were at risk. We helped save millions

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Speaker 10: of pensions.

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Speaker 8: Biden again repeated Wall Street did not build America. The

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Speaker 8: middle class and unions built America. China has meanwhile criticized

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Speaker 8: the Biden administration's strategy toward Beijing as being doomed to fail.

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Speaker 8: This less than a week after Commerce Secretary Gina Remindo's

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Speaker 8: visit to Beijing with the aim of bolstering ties, China's

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Speaker 8: Ministry of State Security saying it is a decade's old

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Speaker 8: approach of competition and controlling competition, saying it is just

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Speaker 8: engagement and containment, saying China will never let down its

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Speaker 8: vigilance because of a few beautiful words from the US.

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Speaker 8: US Climate Envoy John Kerry at Africa's Climate Summit and

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Speaker 8: Nairobi says the continent can benefit from the carbon market

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Speaker 8: cap if it is increased.

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Speaker 11: We think Africa can benefit and the global self can

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Speaker 11: benefit only if the carbon market grows. It's got to grow.

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Speaker 11: You've heard a mention of about one hundred and twenty

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Speaker 11: one million. This market has to become a market in

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Speaker 11: the billions in order to work effectively, and for that

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Speaker 11: we need to ensure the environmental integrity of this market.

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Speaker 8: Kerry says he hears from CEOs that if the quality

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Speaker 8: of credits is higher quality, that it will work much better.

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Speaker 8: Global news power by more than twenty seven hundred journalists

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Speaker 8: and analysts in over one hundred and twenty countries. In

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Speaker 8: San Francisco, I met Baxter in this is Bloomberg.

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Speaker 2: All right, let's get to tv CHAN market analyst at Ig.

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Speaker 2: We've just been amusing here, heb over the big gains

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Speaker 2: in the Hong Kong and China markets. It's not likely

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Speaker 2: to continue.

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Speaker 1: Good mining. Sorry, I was a checking issue. Well. I

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Speaker 1: think we do see quite the unusual frequency of the

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Speaker 1: China presenting the new policy, so I think there's no

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Speaker 1: surprise we still see the market sort of celebrate for

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Speaker 1: this finally arrives. But what I still have a big

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Speaker 1: question about is what that's your question about that what

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Speaker 1: this is sustainable? I think, from my point of view,

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Speaker 1: investors will still keep staying quite cautious. I think even

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Speaker 1: what happened to China's economy, we know the fundamentally it's

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Speaker 1: not changed that even in the face of these new policies.

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Speaker 1: But I think more likely the investors will sort of

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Speaker 1: waste for how much impact it will eventually may have

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Speaker 1: for the property market. I think it's a watershare movement

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Speaker 1: for the puberty market as a change from restrictive to

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Speaker 1: like open wise. But what my biggest concern is underlying

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Speaker 1: the property market issues crisis is that the people or

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Speaker 1: the country is running out of the money. That people

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Speaker 1: don't have the cash sitting on the bank to invest

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Speaker 1: into the market. I think the biggest issue there. I

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Speaker 1: would like to see more sort of meaningful policies to

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Speaker 1: help the the people. They help the employees pushing up

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Speaker 1: the hebe more employment there to help people to getting

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Speaker 1: more sustainable ready into the market, or people getting more

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Speaker 1: whales to get into enjoy it. All these policies, he'd be.

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Speaker 3: The thing is, I mean, we've seen household savings since

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Speaker 3: twenty twenty one go up quite substantially, at least at

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Speaker 3: twenty five thirty percent higher. Now the question is if

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Speaker 3: the money is there, but they won't spend it. But

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Speaker 3: you've got to get some confidence.

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Speaker 9: Now.

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Speaker 3: The thing is confidence can come from having your house

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Speaker 3: being worth something, and that's called the wealth effect. That'll

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Speaker 3: tell me something. What's it going to take for the

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Speaker 3: Chinese consumer to start spending as much as they did before.

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Speaker 1: Yes, I think one of the big pile of the

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Speaker 1: households Wales in Chinese households is coming from the property,

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Speaker 1: the value of the property because they're pushing up so much.

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Speaker 1: And the reason that I think it makes good point

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Speaker 1: that the reason that people don't have the confidence I

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Speaker 1: think one of the key reasons that there after following

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Speaker 1: two or three years of economic disruption, people feel a

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Speaker 1: bit fearful about what happened in the past. They definitely

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Speaker 1: cast a shadow of what they seeing the future. If

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Speaker 1: they're seeing the economy it's not moving as strongly as

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Speaker 1: they used to, is not moving even upwards. I think

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Speaker 1: they definitely have a big confidence in terms of the

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Speaker 1: should they say more of the future if the future

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Speaker 1: doesn't look right. On the other hand, I think there's

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Speaker 1: one that key numbers we've been talking about in Chinese

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Speaker 1: government not trying to review to the to the world,

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Speaker 1: is they use unemployment rate. We're seeing that one out

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Speaker 1: of nearly one of the four young people under twenty fives,

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Speaker 1: they don't have jobs. They're not generating any cash flows,

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Speaker 1: but they are eating into their parents or they house

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Speaker 1: the family's household, saving as well as their retirements still refined.

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Speaker 1: So that's that's the biggest issue. I think that that's

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Speaker 1: the issue that we're definitely Yeah, let's.

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Speaker 2: Get briefly to one one specific story, Ali Baba and

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Speaker 2: selling shares to state owned enterprises. If you can talk

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Speaker 2: about that specifically, great, If not just generally, then what's

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Speaker 2: your impression of that?

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Speaker 1: So I think that, uh, what happened in the Ali

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Speaker 1: Baba to the past three years is the Chinese government

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Speaker 1: is trying to get more and more control for these

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Speaker 1: the biggest tech giants in China and as you just

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Speaker 1: cover the having more parties saying that they're trying to

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Speaker 1: setting up the private business organization to having more no

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Speaker 1: more control over that. That meaning that all the business

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Speaker 1: in China is taking into a more centralized control by

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Speaker 1: the Chinese government. What that means there were more governments

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Speaker 1: say there will be less of the market, say so

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Speaker 1: the free will in the market, the driver over the market,

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Speaker 1: there were being quite substantial weakening by that.

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