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Speaker 1: Good morning. I'm Brian Curtiz and I'm Doug Krisner. Here

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Speaker 1: are the stories we're following today.

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Speaker 2: Well. President Biden told corporate leaders that stable US and

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Speaker 2: China ties will benefit the entire world. And this comes

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Speaker 2: today after the high profile meeting with Chinese President Sijen Ping.

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Speaker 2: Here's Biden speaking at the CEO session of the APEX

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Speaker 2: summit in San Francisco.

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Speaker 3: The United States will continue to compete vigorousy at the PRC,

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Speaker 3: but will manage that competition responsibly so doesn't veer into conflict.

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Speaker 2: Still, Biden acknowledged the economic tensions between the two countries.

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Speaker 2: Biden also sought to use the forum to encourage US

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Speaker 2: business leaders to step up their investments in the Asia Pacific.

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Speaker 2: He said that it would help bring peace and stability.

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Speaker 4: To the region.

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Speaker 2: The White House said that US companies have invested some

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Speaker 2: forty billion dollars in APEC economies throughout twenty twenty three.

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Speaker 1: At the same time, President she pledged to make it

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Speaker 1: easier for foreigners to do business and China. That story

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Speaker 1: from Bloomberg zivon men in Hong Kong.

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Speaker 5: The Chinese leader is trying to woo foreign investment President

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Speaker 5: She said China would take what he called more heartwarming measures,

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Speaker 5: such as improving policies of entry and stay for foreigners.

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Speaker 5: China maintains a negative list of sectors for which foreign

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Speaker 5: investors are restricted or banned from taking stakes in. She's

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Speaker 5: decision comes as foreign firms have been moving away from

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Speaker 5: China due to its abrupt policy swings. The comments marked

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Speaker 5: President She's most direct discussion of the Chinese economy at

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Speaker 5: the APEX summit in Hong Kong. I'm von Mann Bloomberg Radio.

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Speaker 2: Not all rosy in a sense. Ali Baba shares tumbling

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Speaker 2: some nine percent after the company said it would delay

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Speaker 2: spinning off its cloud unit. Bloomberg's Joan Wong as the

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Speaker 2: story from Taipei.

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Speaker 4: Adi Baba sets and needs a reset, and it's not

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Speaker 4: only for the cloud units. Executives also confirmed the company

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Speaker 4: suspending a listing for its grocery business for Shippo Ceo

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Speaker 4: Eddie will set US restrictions on chip sales to China

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Speaker 4: has forced a company to rethink plans to break up

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Speaker 4: the Empire. Instead, he'll focus on growing the cloud unit organically,

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Speaker 4: and it will dole out its first ever annual dividend

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Speaker 4: of two and a half billion dollars. The decision comes

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Speaker 4: at an awkward time. Hotibaba has been trying to stage

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Speaker 4: a comeback from a COVID and a tech sector crackdown.

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Speaker 4: Dot comeback now seems further out in Taipei. I'm Joanne

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Speaker 4: Wan Bloomberg Radio.

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Speaker 1: Well after the bell, we heard from Applied Materials. The

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Speaker 1: company said net sales for the first quarter will be

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Speaker 1: about six point four to seven billion dollars. That's above

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Speaker 1: the six point three four billion estimated by analysts. You know,

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Speaker 1: Applied Materials is America's largest maker of chip making machinery.

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Speaker 1: It shares our down more than seven and a half

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Speaker 1: percent in late trading after a troubling report. We have

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Speaker 1: more from Bloomberg's town Busby.

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Speaker 6: Applied Materials now facing a federal criminal investigation into charges

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Speaker 6: that have violated US high tech export restrictions to China.

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Speaker 6: The US Justice Department is robing the company over dealings

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Speaker 6: with China's biggest chip maker, Semiconductor Manufacturing International. According to

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Speaker 6: reports from Reuters, the news overshadowed positive earnings results and

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Speaker 6: an upbeat forecast that the company posted earlier on Thursday.

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Speaker 6: Tom Buzzby Bloomberg Radio.

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Speaker 2: Meantime, we're hearing it Apple is going to miss its

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Speaker 2: deadline to roll out its own iPhone modem instead of

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Speaker 2: using Qualcomm's. Bloomberg's Denise Pellegrini has the story.

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Speaker 7: This would be the second delay, and sources say it

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Speaker 7: would postpone the release of the in house modem until

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Speaker 7: at least the end of twenty twenty five, are possibly

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Speaker 7: even into twenty twenty six. That's the final year of

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Speaker 7: Apple's recently extended contract with Qualcom. This is really an

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Speaker 7: egg on your face moment for Apple. It has thousands

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Speaker 7: of people working on this modem project, and in addition

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Speaker 7: to labor costs, Apple paid a billion dollars to buy

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Speaker 7: Intel's modem division and then went on a hiring spree

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Speaker 7: to build that out. And even if Apple does finally

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Speaker 7: get its own motem up and running, it would still

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Speaker 7: need to test it with hundreds of wireless carriers, all

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Speaker 7: will make making sure not to infringe Qualcomm's current patents.

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Speaker 7: Denise Pelgreny Bloomberg Radio.

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Speaker 1: Amazon will be able to sell cars from Hyundai directly

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Speaker 1: to customers now through its website beginning next year.

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Speaker 2: Now.

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Speaker 1: Currently, Amazon shoppers can choose a car from multiple automakers,

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Speaker 1: but they can't actually purchase it on Amazon. They need

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Speaker 1: to be connected rather with a dealer to complete the deal.

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Speaker 1: So this upcoming partnership between Amazon and Hundai could potentially

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Speaker 1: prompt other car manufacturers to follow suit. Now Hondai is

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Speaker 1: saying it's hopeful that Amazon's platform will help it juice sales.

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Speaker 2: Now it's time for global news. While speaking to the

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Speaker 2: APEC gathering, President Joe Biden said that the spirit of

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Speaker 2: hope had opened again in the into Pacific. At Baxter

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Speaker 2: has News from the nine to sixty news room in

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Speaker 2: San Francisco.

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Speaker 8: Ed Yeah, you hit it. Brian Biden says partnerships are

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Speaker 8: being formed.

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Speaker 3: As inclusive where workers are empowered and the rights are respected.

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Speaker 3: Our economies are sustainable, resilient. The bridges that connect our

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Speaker 3: people open a golden gate of opportunity to create lives

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Speaker 3: of hope.

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Speaker 8: And President Shei Jimpang message to the US through APREC

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Speaker 8: aimed at the US.

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Speaker 9: So the largest developing contreatment, that is China, the largest

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Speaker 9: developed country, the United States.

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Speaker 4: We must get along with each other.

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Speaker 8: And Bloomberg Zanbri hor Duren says, the big winners that

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Speaker 8: they actually met. She says, the main deliverables were arranged

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Speaker 8: before the meetings.

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Speaker 10: And the main deliverable and win is that Chi Jinping

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Speaker 10: and President Biden our meeting and President Biden received.

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Speaker 7: A big loud of applause from.

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Speaker 10: These individuals which are coming out now from this summit.

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Speaker 10: He's when he said that we have reinstated military to

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Speaker 10: military communication.

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Speaker 8: Now the US rolled and of what it calls the

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Speaker 8: Presidential Will Memorandum of Advancing Worker Empowerment today globally, Secretary

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Speaker 8: of State Anthony Blincoln at APEX.

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Speaker 11: It's pretty basic. We believe that every worker deserves to

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Speaker 11: have their rights and dignity respected.

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Speaker 8: And he's talking globally. Blincoln says workers in the beat

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Speaker 8: need to be at the decision making table. Israel's army

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Speaker 8: now controls Gaza's harbor after clearing the area and dismantling

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Speaker 8: ten tunnel shafts. The army says also destroyed other military

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Speaker 8: infrastructure at the small port. US says it is working

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Speaker 8: with Israel meantime and the wake of the attack on

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Speaker 8: Al Shifa Hospital on the best way to carry out

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Speaker 8: operations while protecting civilians. State Department spokesman Matthew Miller.

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Speaker 11: What is the best way to implement protection for civilians

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Speaker 11: in southern Gaza, and we continue to work through those details.

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Speaker 11: But it's a conversation that's ongoing with the Israeli government

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Speaker 11: right now.

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Speaker 8: Miller says they're continuing talks about the best way to

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Speaker 8: locate hostages and get release. He does say the body

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Speaker 8: of one was found at the hospital. The White House

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Speaker 8: is commenting posts made by Elon Musk about the Jewish

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Speaker 8: Antidefamation League that have been criticized as anisemitic NSC spokesman

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Speaker 8: John Kirby.

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Speaker 6: Which certainly abhorr comments that are anti Semitic in tone,

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Speaker 6: and certainly don't associate ourselves with the comments that he

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Speaker 6: might might have made last night.

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Speaker 11: I mean, that's just unacceptable.

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Speaker 8: Musk responded to an antisemitic post on X that said

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Speaker 8: Jewish communities pushed hatred against whites, saying quote, you have

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Speaker 8: said the actual truth and running alongside this. IBM has

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Speaker 8: suspended its advertising on X after finding its ads running

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Speaker 8: near pro Nazi posts. Media Matters found IBM, Apple Oracle, Exfinity,

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Speaker 8: and the Bravo Network Global News twenty four hours a

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Speaker 8: day and whenever you want it with Bloomberg News Now

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Speaker 8: in San Francisco. I'm Ed Baxter in.

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Speaker 2: This is Bloomberg Sean Brian Curtis again here in Hong

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Speaker 2: Kong with our coverage this morning. Vonnie Quinn joins US

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Speaker 2: now in New York, and also joining this is Jenny Marsh,

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Speaker 2: Bloomberg team leader for a Greater China Eco Government coverage,

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Speaker 2: And of course we're going to talk a little bit

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Speaker 2: more about the Apex summit. Jenny, thanks very much. Well,

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Speaker 2: it was a bit of a charm offensive here on

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Speaker 2: both sides. So my question to you is, did President

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Speaker 2: she just seduce America with his trip or did America

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Speaker 2: seduce mister She.

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Speaker 12: Oh, it's a good question. I mean, look, I think

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Speaker 12: he's absolutely come out here on some kind of charm offensive.

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Speaker 12: This is a completely different choosing pin to the kind

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Speaker 12: of very sort of stolid character we see sort of

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Speaker 12: in China. And even when he's abroad, he's been smiling,

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Speaker 12: he's been gushing about the American people, he's offered them

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Speaker 12: pandas you know, he's really here to present China, I

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Speaker 12: think as a force for peace. He's talked a lot

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Speaker 12: about no hot war or China will not go to

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Speaker 12: war with anyone and just personally trying to project his

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Speaker 12: own soft decide. You know, State me Yea yesterday were

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Speaker 12: very active on Twitter sort of pushing out these images

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Speaker 12: of Biden and she looking at Biden's iPhone. There's a

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Speaker 12: photograph on it if she is sort of quite a

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Speaker 12: dapper young man. Thirty eight years ago in front of

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Speaker 12: the Golden Gate Bridge on his first publicly known trip

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Speaker 12: to the US, he accepted a basketball shop from an

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Speaker 12: American basketball team. Later on stage from California Governor Gavin Newsom.

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Speaker 12: Then there was this panda pledge. You know, there's a

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Speaker 12: lot of sort of soft power engagement going on here

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Speaker 12: to protect the softer side of she. I think, you know,

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Speaker 12: to the American public, but also to sort of American

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Speaker 12: investors who feel like China has become this much more

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Speaker 12: kind of hostile place to foreigners in general. And I

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Speaker 12: think she is on a mission to kind of soften

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Speaker 12: the image of China and make people feel like their

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Speaker 12: money is welcome back in China.

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Speaker 9: It also seems like the Chinese delegation and everyone associated

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Speaker 9: ignored or downplayed the dictator comment, which was made sort

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Speaker 9: of an ad hoc by President Biden. Does this indicate

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Speaker 9: that it would take a lot for any backsliding now,

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Speaker 9: so for example, the spy balloon, you know, the incidents

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Speaker 9: like that will maybe go unnoticed on both sides for

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Speaker 9: some time.

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Speaker 12: Yeah, I mean, I think that was an unfortunate comment.

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Speaker 12: You know, once Biden was given the question, he had

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Speaker 12: no choice to really but to respond in the way

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Speaker 12: that he did. But the Chinese have never let such comments.

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Speaker 12: The rail Deploymacy, you know, he called Biden called shea

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Speaker 12: dictator after Blincoln, just after Blincoln actually visited in back

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Speaker 12: in June, and then the Foreign Ministry criticized it, but

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Speaker 12: they proceeded to have this sort of flowery of Biden

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Speaker 12: administration senior figures come to Beijing after Biden's shortly afterwards

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Speaker 12: that the Chinese economy was a tick in time bomb

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Speaker 12: for the rest of the world, and he said that,

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Speaker 12: you know, it was dangerous because the Communist Party sort

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Speaker 12: of bad people do dangerous things where they're under pressure.

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Speaker 12: You know. Again, that did and de route Eploymacy. So

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Speaker 12: I think actually Besi's always been quite clear headed about

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Speaker 12: not letting Biden sort of off the cuff remarks, which

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Speaker 12: actually are sort of much more catered towards the domestic

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Speaker 12: audience he has going into an election, and being anti

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Speaker 12: China is a bipartisan issue that unites the whole country.

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Speaker 2: No doubt, the tone has improved. If you just look

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Speaker 2: at the front pages of the Global Times, for instance,

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Speaker 2: a paper under the Communist Party and one that is

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Speaker 2: quite often known for hyperbole and vitriolic kind of claims,

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Speaker 2: you have a picture of Biden and She strolling amicably

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Speaker 2: through the gardens there at that estate and woodside, and

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Speaker 2: headlines like she Biden concludes Strategic, Historic, and Directional Summit,

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Speaker 2: the future in another story, the future of US China

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Speaker 2: relations created by the people President She noted, the question

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Speaker 2: is does it actually translate to improved policies? Now, we

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Speaker 2: did have President She pledging to make it easier for

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Speaker 2: foreigners to do business in China. Can you give us

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Speaker 2: some of the broad outlines of that.

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Speaker 12: I mean, he's made this pledge, and his government's made

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Speaker 12: this pledge so many times now. But what he's talking

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Speaker 12: about here are sort of smaller things that are going

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Speaker 12: the people's lives easier. So that's in terms of talking

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Speaker 12: about visas, access to financial, medical, and other sort of

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Speaker 12: services for people like executives who are living in China,

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Speaker 12: and they're just talking about really sort of creating this

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Speaker 12: level playing field for businesses. So he's talking about this

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Speaker 12: world class business environment, you know, the rule of law

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Speaker 12: making sure that intellectual property for foreign companies is protected

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Speaker 12: in China. So all these sort of things around the

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Speaker 12: fringes that have made working in China just a bit

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Speaker 12: more sort of difficult. But you know, how do you

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Speaker 12: square that with this sort of seemingly unstoppable drive for

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Speaker 12: national security in China, which is sort of made foreigners

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Speaker 12: a target of suspicion, you know, as the government really

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Speaker 12: sort of tries to weed out foreigns buys and secure

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Speaker 12: its data as you know, that kind of information it

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Speaker 12: believes can be used by countries like the US to

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Speaker 12: inform their decisions on how they're going to impose seven

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Speaker 12: trade cubs, which we still that earlier this year too

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Speaker 12: with the crackdown on the Expect Network company. So it's

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Speaker 12: a nice message. I think it has all the right tone,

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Speaker 12: but you know, how do you square it with the

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Speaker 12: security consents? And I think that is the real problem

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Speaker 12: in China's policy at the moment. On the one hand,

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Speaker 12: you do have this drive for foreign business and to

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Speaker 12: welcome out. On the other hand, the impetus to sort

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Speaker 12: of ramp up security is backed by she, So I

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Speaker 12: just how they're going to sort of get those two

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Speaker 12: things to work together in harmony. I think it's probably

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Speaker 12: the biggest challenge tracing his government.

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Speaker 2: Yeah, well, I guess it's a step. And like you say,

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Speaker 2: I mean, if you trust, then you believe that the

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Speaker 2: other side is not really out to undermine you, then

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Speaker 2: you are not.

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Speaker 7: So obsessed with security.

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Speaker 2: So we'll see whether this tone holds, and obviously there's

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Speaker 2: going to be developments on a daily basis from which

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Speaker 2: to judge. Jenny, thanks so much for joining us here

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Speaker 2: live on the program. Jenny Marsh Bloomberg team leader for

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Speaker 2: Greater China and economic and government coverage in the Bloomberg

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