Transcripts For BLOOMBERG Bloomberg Markets Asia 20240711

Obtain. What you might see is a bit more bitesized approach to aspects of the trading agreements. To get a greater engagement in a more constructive engagement. You talked about the covid recession. We have had a second wave of covid coming across europe in the last couple months. Indicators of the economy show that is causing a double dip in many economies in terms of activity. Youhelpful you are are that we could have a fast recovery this time around and see that vshaped recovery people have talked about . I think the vaccine is going to be a very important story for the 2021. From the irish perspective we moved early on in the early the second wave, the Second Lowest interest in europe now. We are doing very well in terms of the downward trajectory of caseys. Of cases in hospital and icu. Somewhere at the end of this month we move out of what we call level 5. Our schools of state construction has stayed open. Our domestic economy. Our investment side is doing very well. Science and technology, they are performing well. On the first lockdown in marchapril period construction and those areas took a big hit. So, we expect, i think in the early part of 2021, depending on the efficacy of vaccines as they by middle oft better than anyone anticipated. We are learning more about the virus. That will inform how long we can protect livelihoods as well as life. Get people back walking again in certain sectors. Travel tourism and aviation hospitality, those are the sectors that have been hardest hit. These other sectors can come back much more strongly and more quickly. Thank you very much. Youre very welcome, indeed. Some argue that regionalization is a new globalization. Irish primee minister and conversation stephanie flanders. From singapore, she takes up the reins with me. Hi. And welcome everyone to Bloomberg Markets asia from hong kong and singapore we have been watching all of these conversations at the Bloomberg New Economy Forum, kicking off this four day we have heard from the singapore Prime Minister, also bill clinton and of course we have been hearing as well from tony blair, a great conversation with bill clinton the former u. S. Present was saying that Climate Change is the greatest challenge but also the greatest opportunity. Speakers coming up include the indian Prime Minister, ecb president Christine Lagarde and bridgewaters ray dalio. You can cut those conversations catch those conversations online and on twitter and on facebook. Rishaad getting to Market Action. Is going on and upon n japan and hong kong. Speaking a welly uplift. The nikkei just a negative. Following theere asian high as we had henry inasinger, the u. S. Ch catastrophe on the scale of world war i. That has not engender optimism. The dollar index has been dropping back. The yen has strengthened a trad. Tad. Has caused a lot of optimism in u. S. Stocks to record highs in the s p 500. Oil prices as the vaccine has the optimism. Iette the Bloomberg New in session. M is lets listen to the conversation occurring now. Have reached. And if you look at the different regions if you look at europes, europe as a region, for example, their growth is slowing down due to new covid restrictions. Having said that, they u. S. The u. S. Economy is in an extraordinary manner is very robust. And, despite the pandemic. And if we look at asia, the asian market is recovering very well. So, yes, we need to remain cautious. But there is very good reason for us to bv optimistic. Very optimistic. I truly believe will get through this much stronger at a much wealthier manner. What i think we need to do is to remain resilient. And to stay very mu focused on what we can controlc. We are doing everything we can within our control to ensure the safety of our people and to also ensure business continuity. At the same time, we are enhancing the security of our supply chains to make sure that essential, required resources and equipment are always available at all times. And finally, of course, we have to focus on cost. This is an important piece of resilience. As you know, manus, we have been very much focused on cost as part of our trance our Strategic Transformation here for the past four years. By focusing on areas like safety, ensuring and because, i believe we can reinforce our resilience. Us can i bring it to you from another ministerial path in egypt . You said to me, manus, we are sitting in november. Its a very different Competitive Landscape for the world. Then you faced in january. Just give me a sense of how much has changed and how the regional countries are, i suppose, doing in this context of covid. Thank you, manus. Let me echo what he said by saying it is a pleasure being with all of you but also one of the fundamental outcomes of these 11 months has been that each one of us has been challenged. We have been pushed. We have had to innovate and think through and push forward for instance, in our case, the first order of business was protect providing liquidity to household as well as firms by improving on her structural reforms. Very difficult as we are sitting here to say that countries have the same competitive or comparative advantages they have at the beginning of january. However, what is extremely important is that countries that continued reforming before are actually, are at a stronger footing going into the crisis. In our case, between 2015 and mf program. An i and what of the key elements is that you have protectable policies. Through these programs you have some Macro Economic frameworks. You are keener about the agenda moving forward. When we were hit by covid, we came in with buffers on the fiscal side and important buffers on the foreignexchange side. Nonetheless, we wanted to continue showing the world that we continue to be committed to reforms in a transparent fashion and that is why a standby with the imf was also signed in june of this year. And the reason is, not just the financing element but to show very clearly what is it the government is continuing to do. I think there is a Silver Lining in all of this. And the Silver Lining is we keyld not from objectives related to Sustainable Development, inclusivity within societies. How do we capitalize on the digital revolution, which actually proved to be extremely important during covid. And if we had not, for instance in the case to beat up with our population size, in the case of egypt and the number of students we had had not done education reform we would have been at a standstill. Nonetheless we were able to breeze through it in a very, i would say acceptable manner if you are comparing to other places. Manus they have laid out a very formidable storyline. Bruce, can i call you the asset gathering . Touching on what rania just said, when it comes to allocating capital, rania talked about transparency. When it comes to looking at the rise of a new regional power, what do you want to see as an asset gatherer when it comes to the allocation . What is the most important consideration . For everyonenks for being here and thanks for the question. Ill just say the following. Whats extremely important are some very basic fundamentals. Were in 30 countries around the world and all of them sit essentially within these parameters. What we are looking for is transparency regulations and the rules which are going to operate. A developed Capital Market is extremely helpful. Although not the most important because we can bring enormous amounts of equity and we can finance from other places. The number one thing, and often people say rule of law is important, and rule of law is important and the adjudication of contracts is important if one gets into fundamental issues and with contracts in a country and that is important. That is basic than simply, and something we call respect of capital. , does essentially is the a country, its leaders, its business people, and everyone in their country, do they respect capital within the country . And i put it down for the most basic, simple analysis. Tough, do people decide to take the easy route or the tough route. And the tough route is continue to pay your bills, work through the issues, and deal with foreigners like they were your own. And many countries over time have proven to be that. And some have not. Thatwe look at countries, is probably the most paramount thing we look at his perspective capital. Respectiveot invest capital does not exist. That essentially, those of the parameters we look for. Us i know that you have had substantial business dealings in terms of allocating capital. I want to ask you whether who is the more difficult person to do the deal with. Behaad lets get to, leaving that current session on the Bloomberg New Economy Forum. U can continue watching it online. You can also go to the various nels, including twitter and facebook. E singapore Prime Minister address the four about the future of trade in asia. The u. S. Relationship with China Remains a big issue for collaboration. Lee said president elect joe biden should look to develop a construction relationship with beijing after four tumultuous years at the trump administration. His firsti think priorities will be domestic. Many urgent things to deal with, asia is with covid, ubbut a very important part of the world for america and china particularly. I hope that he will be able to focus his mind on developing a framework for an overall constructive relationship with china. That means one where youre going to be completing, there will be issues to deal with it where you do not want to collide and you tried very hard to work to develop the areas of common interest and constraints, the areas of disagreement. And, within that framework, deal with trade, deal with security, deal with Climate Change, deal with nonproliferation, north korea. All of the many issues which the two big, two biggest colors of the world have to focus on. And amongst those will also be issues which will be considered, of concern about 12 the rest of of concern about the rest of us in asia. The last four years have been quite a tumultuous ride. Trump iso you think that done permanent damage . Previous administration have seen americas having a broad interest in the stability of the region, the well being of his partners and the tending of its alliances and allies. And fostering an overall environment where many countries can prosper in an orderly scheme, and america as part of that scheme. And subject itself to the same is a and disciplines strong were to apply to a superpower, but prevents presents itself as complying with an order which is in the interests of more than itself. And it will take some time for america to come back to such a position. And for others to be convinced that it is taking such a position. It may never come back all the way. And certainly in the short term, certainly in terms of its relations of china, i think, cant speak for the whole administration but i think there are some elements within the administration who definitely war, that trade would be difficult to reverse by the subsequent administration in which will set the tone for the relationship for a long time to come. John one of the things people have talked about biden doing is having a coalition of democracies that would bring in people like yourself, indonesia, japan, south korea. Is that part of the framework that you can imagine working . All want to Work Together with u. S. We all want to Work Together with other vibrant economies. Within the region. I think not very many countries would like to join basically a havetion against those who been excluded, chief of whom will be china. You want everybody in the discussion in trying to work out adjustments with the world order. But i dont, think it is and haveat process you will people from alliances that cooperate with one another, they will try to find common cause. But to try to make a lineup, cold war style, i john do you think there is a possibility that biden could end up being somewhat tougher in terms of everyday things that trump was . Pm. Lee its possible because a consensus to see china as a strategic fit strategic threat is almost becoming unquestionable in the u. S. , in washington. So it will be very difficult for any Administration Whether it is biden or on the outside chance trump, to disregard that and just proceed as if the last few years have not taken place. John do you think the chinese, are the chinese prepared to do bargains about this . It takes two to tango. Know theyi think they are not ready for a collision. But i am not sure that they are prepared to give a lot of ground. And their principle consideration will be a domestic one, rather than one of the international balance. In the abstract, i think they would agree to, if not to a shift, at least to a change in the. Trajectory. But in practice when push comes to shove and you have to negotiate a new dispensation, i think they are hard bargainers. It is not clear between the two sides they would be able to move to a new position. Rishaad that is the singapore Prime Minister lee hsien loong, speaking at the new Economy Forum. Its still underway. You can watch that online or bloomberg subscribers you can watch on live speakers coming up include Prime Minister modi, Christine Lagarde and bridgewaters ray dalio among many others. Meanwhile investors weigh renewed optimism about modernas vaccine. It could be an added boost for the virus for every hotel industry. Lets bring in the founder and executive chairman of a hospitality group. Thanks for joining us. It has been a horrid year. The most probable used port of late has been unprecedented. Tell us about whether the worst is behind us and a little bit about china as well, given the fact we talk to other hospitality groups who say it has come back so strongly. Are you seeing the same thing and elsewhere are yet to see better days . I think everyl, crisis seems to be unprecedented. When we saw 9 11 it was unprecedented. The whole world was going to change. Everything wasmi unprecedented. One thing we have to take from this is that this too will pass as Everything Else will. So i think take it in stride we have to be resilient. In terms of asian economies, as we all know china has performed very well. Many other asian economies have also done very well in terms of keeping their economies relatively resilient. Having controlled the first outbreak of covid very well and probably likely to prevent a second outbreak. I think the real question for the Hospitality Industry now in asia is when will asia open up to itself so that, in overall asian bubble can exist in order to mitigate everything that is happening with travel and tourism in the United States and europe . China is doing extremely well. Our hotels in china have done even better than before, because there have been tens of millions of relatively wealthy chinese who at this time of year would have gone out to travel to europe and elsewhere. They are not able to travel. The messick tourism is just blooming. So that is doing very well Domestic Tourism is just blooming. Korea,land, vietnam, japan, there is an intent by governments to promote Domestic Tourism. Unfortunately, particularly in enough tois just not be able to fill all of the empty rooms that we are all facing now. Give me a sense of how the industry itself has been looking introspectively. Do you think a different type of Hospitality Industry will arise covid covid in the post world . There will be definitely changes but it is not as if the travel industry is going to go away. Are watching,t we different levels, for example within companies themselves, all of gains that Many Companies have made like ours in terms of restructuring, reducing our costs, creating much more variable employment levels and so on. All these gains have been making us far more lean during this difficult time. Survivee of us who can through this, as we can, want to be sure that when the recovery occurs all of these gains we have made are not just suddenly lost. And we do not remain as lean as ever. As we have been now. That is one thing that will change in the Hospitality Industry. The restructuring that has happened i think will continue. On the other hand, travel itself is changed. Leisure travel i think will become much more purposeful. Business travel will be purposeful. Meaning you do not just travel for the sake of meeting your customers on a whim every week or so. You can do a lot of it by zoom now. You also do not jump on a plane and go somewhere for a few days. It would be for longer times. There will be more purposeful, longerterm stays in each place. So the nature, the nuances of travel will change. But fundamentally, i think you will see in fact the pentup demand is one where when the recovery does occur and inevitably it will, it will be a very big recovery. But the question now for most of us is, can we get through until the end of next year . It is going to be another one year possibly if the asian economies do not resolve their intraasian travel arrangements which we are all waiting for anna has not happened yet. Everybody is defending themselves and covid countries covid free countries from thailand to china are not welcoming, not opening their doors to each other. And we need that to happen. There is it it is not good to be super healthy a lot to your economies while the Tourism Industry needs the opening up of a bubble within asia itself. Interesting point because it is not an equal recovery and you look at the likes of thailand, which is been hit incredibly hard by the fact that borders are shot. Where are you seeing potential areas of growth at banyan tree as we look forward . How do you attempt to this i adapted to this environment. Two conferences come back . I think conferences will definitely come back definitely. I think you look at peoples practices over the last eight months. We have found zoom meetings to be great but we also need physical interaction. Confidence in my sector will bounce back bigger than ever before because she will then have a hybrid industry where you can have a physical conference with many people who want to interact with each other , gather into 50 with each other but they will be augmenting it now with the virtual conference. So hybrid conferences will become a big thing. In terms of Leisure Travel, as ive said before, not only will travel be more purposeful, but we have banyan tree have found that a lot of opportunities, Domestic Tourism within asean. Reachingon people middleclass with millennials wanting to rediscover their own countries. During these last months in factfinding there is so much to discover within their own economies. Covid in a way, while it has hampered international travel, has given a big boost to domestic travel. Notdomestic travel has gotten to the extent it has in the United States or in europe. So there is huge potential there. At the same time, travel with a purpose, travel to see, to seek cultural sites, not just beaches and sun and sand. But to see cultural sites. Travel for wellness. For rejuvenation. For nature. There is a whole new area of tourism that is going to grow in asia where is in the past Leisure Travel had largely been signed, see, san, westerners coming. That has been the history of Leisure Travel in asia for the last 50 years. Side isvid the bright that domestic travel, regional travel, travel or much for a much broader purpose other than just beaches and so on will explode. And i think we are thinking taking clear advantage of these opportunities. You are in a position to take clear advantage. What happens to some of the small firms that could be pushed out . Can we see the like the answer to the likes of Boutique Hotels . That is an interesting point because we are looking at that also. I think you will find increasing consolidation and segmentation within the asian travel industry. The real problem is not so much the International Brand because a, the Management Companies are very well known. They have good distribution systems. They are likely to be able to survive. And broadly the owners of these hotels are generally very well endowed families are corporations. Bulk oflem is that the asian tourism has been built on the backs of individual investors who have built very decent fourstar hotels that are unbranded that are family managed and so on and they are suffering badly. So one of the things we are doing and banyan tree is extending our hospitality capability. We are now not a single branded company. Although banyan tree is the bestknown of our brands. We have six brands that go from luxury down to upscale and even midscale. And we are finding that a lot of owners, asian owners, want to come to us and ask us to help them. Help them in sensible ways. Whether we can manage their hotels completely over give them franchises or marketing arrangements. We are finding all lot of unbranded individual hotels beginning to realize that they kingto modernize that in the longterm is a good thing. And we want to be able to contribute to that as much as we can. Rishaad very quickly, is there a part of the market where you cannot go back to the old ways if you will . Very quickly. I think we will have to redefine luxury. Asian lecture was built on the back of cheap labor. And now i think you are going to find that we have to be much more smart about what luxury means. It can no longer mean simply piling on labor. It means having to add technology and having to redefine and reimagine what the banyan tree experience is in our particular case. Rishaad thank you so much for joining us. From banyan tree hotels. Go for in tokyo about to their lunch break. A quick check. We see the turnaround take place with Regional Equity markets. In negative territory. The topics up by. 3 . By. 2 ineng buoyed hong kong. And shanghai also lower. Just a look at some of the quick components here. With regards to what is going on. This shift there. Has been reducing his holding in the stock, and the company from 40 . Tokyo electron, record highs at the moment. We see optimism for chips. Capcom. This company saying that information has been leaked in a Ransomware Attack on its site. That set the stock down 4 . The topix index doing well. Ana helping to propel the aviation side of thing as we have the japanese government considering cutting Aviation Fuel taxes for year. A dashed shotof in the arm for aviation stocks. As we do have this Moderna Vaccine crating some optimism that we could likely see the end of this covid19 tunnel. Lets head back now to the Bloomberg New economy for. Um. The panel is discussing opportunities amid fragmenting global economy. To have a veryon clear set of Renewable Energy targets. We have the two World Largest solar power plants. Solar products. I will continue to advance. And helping them. Hasop of that, the uae become the first Peaceful Nuclear Energy Operator in the art world in the arab world. Send 21 Million Pounds of fuel every year and we know that this project was facilitated and we were able to put together and make it happen via u. S. Support. And we very much look forward to continuing to deepen and strengthen our relationship with our friends and allies in the u. S. Across multiple shared interestsm. Manus a new president , a new Vice President what is your take . We are happy there is a woman hit president that breaks the Glass Ceiling but the relationship between the u. S. And the egypt is a very long relationship. In a different administrations have been coming, whether it is republicans or democrats and that relationship continues is anless of which party action at the moment. In any event, we do look forward , we lookxt period forward to 2021 in general. I think we are entering it with positive ideas. I think that again we are looking at the addition of Sustainable Development goals trying to achieve them to making sure we are focused. We talked of our developers. That this continues. So there is so much. Work to be done. Conducive work. For those who are falling egypt, between 2011 and today, we have seen so much. So the word resilient is one that we have been to be in our dna if i can say it that way. Anus on the front page of bidens Transition Team is climate on the first tweet from Boris Johnson to the president elect. Its climate. One of the first things that dr. Salt and talked about was climate. What is the biggest opportunity with this new administration with present President Biden in your opinion . Look, we started an impact fund which is going to be a global transition fund. Formally ofin the bank of england for that got mark carney to build this business. And we think that transition from where we are to where we are going in the next 30, 40 years is going to be the biggest opportunity out there. And a significant amount of money put behind it. Its really exciting for the future. And there is going to be a lot of opportunity for global to invest. Like to thank all of you. I wish you well into 2021. I look forward to speaking to you all. As the year continues. Rishaad that is the latest concluding in the new economic forum. You can watch online and live this was something which created euphoria on the markets. Propelling the s p 500 to records. Theira out with a polemic analysis of a largescale Clinical Trial saying its vaccine is 95 effective at preventing covid19. Plus, it can be stored in a refrigerator to temperatures up to 30 days the company says calls a game changer. He was speaking to bloombergs alix steel. Onwe have been working vaccines for more than five years. This is the 10th vaccine that we have been running a Clinical Trial on. This is the first time we are doing this type of vaccine. Over the years this is really important because it will have a huge impact on distribution. How much will that stability in the higher temperature have in everybodys ability to get a hold of this vaccine . I think it is a huge impact. 20. Ve a vaccine stored at thethose able to handle type of product because we are already product approved by the emea in europe and the fda in the u. S. And 20 celsius. What is very important in todays news is we can afford to 30 days of a vaccine stored in the regular refrigerator. Like you do insulin. , doctors office, hospital has that capability. We think it is a game changer. The other piece to keep in mind is our vaccine does not require dilution. Vaccine you mention requires dilution at the site. They need to dilute it. It is an extra step. What we have to do to get the world vaccinated is a massive Vaccination Campaign that has never happened before. So every time we will be wasting doing these type of things. Is going to be an issue. So we think between the french condition storage and the fact we do not require any dilution be ane, that will opportunity for doctors to provide the vaccine to the population who want to pick have you had conversations with the Current Administration or the Incoming Administration about distribution and how to mobilize . Yeah, so, the operation warp speed has been working in the u. S. Very closely with people with our facility for a long time. We are in daily discussions with them. Approval bye got an the u. S. Fda. A marcus and. Uct vi because we are very active in that process. To get the vaccines how to hospitals and pharmacies. Aid, all the, rite big pharmacy chains in the u. S. Have signed up to get the vaccine to provide administration in the pharmacy. This will be available in hospitals, in some rural areas and community hospitals, gps office. So, there is a lot of work going on. Taking care of that stuff. Whereas administering is being involved help with logistics. Stefan, one of the key questions as we watch the case count climbing, what impact will these shots have on transmission . What effect if i have this in my arm would have on my ability if i get the virus to transmit it to others . Yes, and this we dont know yet. You get our vaccine you will have a 94 chance to have no covid disease. That is a big deal. Ceohat was the moderna speaking with guy johnson. Coming up, how Gaming Company razr is planning demand for new consoles. We will hear from the ceo. This is bloomberg. Beenayathome stocks have one of the biggest beneficiaries from the pandemic. One of them is gaming vice maker razr. Beating last week on positive vaccine claims and is falling in todays trade. Lets discuss its business goals with a ceo who joins us exclusively from singapore. Great to have you with us. All of this positive vaccine news, is this a game changer for your company . Or i should say are you expecting that you are going to continue to see some positive results as people stay at home and play at home . I think it is great news for the world. Getting back to normal. I think what is happened really is that the pandemic has really accelerated the growth of gaming over the past couple months. Prior to the whole pandemic situation, gaming was always, has always been growing in a doubledigit path. And the pandemic pretty much accelerated everything. And what we are seeing is that, even for some of the markets that have opened up, post the pandemic, or have opened up, we have actually seen activity on a much higher levels anyway. So what we do believe is that there is soon going to be great growth. We had some novel growth in 2020 and we do expect it post a vaccine or otherwise. can i ask you about data privacy for your clients . Because the reports there was a data breach of 100,000 client details. Sure. First off, it was not a data breach of sorts. Some settingswas that were open and we have had no indication that any data was actually leaked. But definitely dated, protection is very important for us. Er we have got about 100 million gamers on our platform. Today we have expanded our business to do services and fintech, etc. , for millennials. It is important for us. And when we speak about fintech and their growth areas you are looking at, how is the consortium going into in winning the full banking lines banking license in singapore . We are still waiting for it for ourselves, we have actually built a really robust business for ourselves from a fintech perspective. A good example would be the promotion. Les day we actually helped Ecommerce Companies process payments. We processed billions of dollars of payments every year. Great day forn a us. Weve seen huge growth. It has been fantastic for us. Essentially fintech is one of the growth areas and we are looking at it not just in singapore but pretty much globally. Leadingr will be the lifestyle brand for gamers everywhere. There are 3 billion gamers in the world. We want to provide Fintech Services to every single gamer out there. \uliett rishaad getting to your financials. This has been fantastic given that people are staying at home and what about profitability . What are your forecast on that . Sure. I think for the first half earnings we spoke about revenue a great growth, we grew at 5 year on year for the first half of the year. For ourselves, however, very recently a couple weeks ago we issued a profit alert. We actually expected our Group Revenue to be upwards of 30 year on year for the full year 2020. And we have also issued the alert that we will actually record an adjuster profit before tax for the year 2020. As opposed to a loss of last year. It is a great year for us. Rishaad so youre going to have not profits. Is that right . Yes. So, essentially, for ourselves, i think we look at things adjusted profit basis and we will have a net profit for this year. We want to get a sense of weve got the new playstation now. Xbox. Plan to face the demand for these new consoles which are meant to be flying off the shelves when they had them. It is an exciting time to be a gamer, i would say. Anywhere in the world. Ive spoken about how gaming prepandemic was growing double digits. It has just been growing. Not just a particular game sector of gaming we see gamers coming from everywhere the demographic is growing. Pc gaming, the new graphics cards have been flying off the shelves. Mobile gaming, im sure youve heard about how mobile games are just seemed so much more revenue. Many of the top mobile Game Companies are monetizing their games. And of course, console. We are seeing the new refresh of consoles playstation 5, the new xbox and they have been incredibly well received. We work within in every single segment. We are probably one of the very few Gaming Companies that are in every single gaming come segment, pc mobile and consol. And we are seeing our new headsets doing incredibly well. So for the next couple of years we are going to see gaming grow in the pandemic has accelerated it. It is a great time to be a gamer. Quickly what about some areas and expansion outside of gaming . You did touch on the fintech licenses but what else are you looking at . Well, you know, i think the fintech area is one of the key areas we are very focused on. It was actually born from a business of services. We havehing about razer a complete ecosystem for gamers. We do hardware, we have a software platform. We have 100 million gamers. We monetizing gamers with our services. We have a Virtual Credit where we work with all top Game Companies in the world, 33,000 game titles on the platform. Likenow, what we built was where gamers could come, pay for the game credits, and because of that, we created our new business of fintech that pretty much uses the channels we have built and we added on that layer. Today we processed for other Ecommerce Companies. That already is a massive, massive new opportunity. We are 100 focus in terms of our gaming business, our fintech business, and that is where we are really focus from a business perspective. Over in about something that im very proud of, also very focused on sustainability, assets at razer, working with companies and Organizations International to ensure that things that we do are sustainable, we are planting trees. We have got the stop pricing that we have Just Launched it. Conservationg with international to get the word out about the environment, the climate and things like that. That is definitely a push for us at raze. Juliet and what about the toaster, the april fools day . We constantly have request for new product all the time. The locals tattooing on ourselves. We have a Passionate Fan base. A new product has been very well received. This is one reason why growth has been phenomenal. For example im sitting here in one of our new gaming shares. Demand has been just through the and,can of course, home appliances, the toaster im sure, you are going to get a lot of fans and saying even bloomberg wants the toaster. We are definitely looking at a. We have had a huge amount of people tattooing the toaster themselves. We will get there at some point in time. We will get to make the perfect toaster. Rishaad thank you so much. Joiningfounder and ceo us there from singapore. Lets take a look at the stocks on the move. One of them at the moment, down by 10 . The reasons for this is a lot of optimism about this Moderna Vaccine for covid19, which would perhaps eliminate the need theyduce the need for what produce. Also they had the coronavirus operate in one of their workers over terrys could that stocktaking ahead. Cathay pacific getting upgraded by various banks, Morgan Stanley and goldman sachs. And what we are seeing in aviation stocks again, as there may be some light at the end of this covid19 tunnel. Beating on revenue. Down 7 . Down to them seem general merchandise deal slowing down over the next few months. This is bloomberg. Internetthe chinese search giant baidu making its biggest move so far into the digital livestreaming area. Quarterted third results ahead of forecast Stephen Engle. Tell us a little bit about what is baidu buying and what is the strategy behind this . It isnt using because of course because of the three big monsters of chinese tech, alibaba and tencent and then baidu, which is mostly a Search Engine in that it is also branching into other services as well and has a netflix like te, but it does not have the other elements like alibaba and tencent have to build out there all one stop shop platforms. On the internet. What they are doing is they are buying for 3. 6 billion in cash live, which is a livestreaming services. It is a 1. 8 billion dollar business with 4 million paying users. Interestingly, it is an interesting concept but it is all part of, you know, get the interactive users to splurge on virtual gifts to their favorite performers. They do not have any service like bytedance has with tiktok. Baidu is looking to adapt its search every Business Model to keep up with the explosion of Online Entertainment platforms like tiktok coming from bytedance. Alibaba alt with results overnight. How did it fair . It was not a bad result. Revenue rose more than expected, up 29 . Shoppers who moved online through the pandemic kind of continue to drive that modest recovery in Chinese Consumer spending. So, sales were up. Net income also surging to 7. 6 billion yuan, but that was helped by onetime gains from investments. But, you know, the investors here in hong kong are pummeling the shares this morning because they are concerned about the slowing ecommerce growth in china. It did not have as big a surge in Online Retail sales as we saw in the post recovery Second Quarter from the pandemic. So that is really kind of are waiting better than expected post covid revenue growth. And also there is the concern as well about the regulations coming down to kind of hinder ecommerce platforms in china. Iette Stephen Engle in hong kong to let check in on markets. Asian Stocks Holding at these records we are starting to see a little bit of weakness trickle through. Vaccineave that moderna positivity slowing into the u. S. Session overnight. Anded the dow in spp s p. When you look at the key indices in asia, the csi 300 and china and also the topics, you are seeing weakness, some of these ems doing incredibly well. Singapores market up by 1 and positivity coming through and em currencies led by the taiwan dollar, rish. Rishaad next on Bloomberg Markets, including an interview with the philippine finance secretary. This is bloomberg. Is is bloomberg. Juliette it is almost 11 00 a. M. Here in singapore. Welcome to Bloomberg Markets asia. Ishaad Jack Mas Ant Group told the ball is in his court after the abruptly halted ipo. It all depends on how the Company Reacts to the new fintech rules. Juliette asia markets touch the brakes despite u. S. Stocks hitting new highs on the on the back of vaccine results. Rishaad they do not expect a but hopes for war improved u. S. China relations. Juliette a quick check of the markets. The msci asiapacific index is still pretty flat. Still trying to hold onto gains. Gain. To yesterdays up i about 0. 5 . Weakness coming through in chinas market. And the hang seng tech index down by some 0. 6 . A further gain in singapore of about one third of 1 . We are watching some of the stock movers on the results of the positive results from internet. Rising 5 . And as we mentioned, some switch out coming through from stocks such as tencent. Share price falling substantially. Jd calmed down by 7. 5 in the hong kong market. Rishaad the story of the ant group. The Regulatory Commission spoke with Tom Mackenzie who joins us now with beijing for more. Questionse batted away at about ant quite deftly. Was the impression. He did not give a lot of detail in terms of the timeframe. He said it would depend on the Regulatory Framework that the authorities here lay out but also crucially, as you say, the response from ant group. Lets take a listen to his answer. It depends on how the restructures our framework in terms of financial technology. It also depends on how the changingeacts to the requirements. Ant had planned an ipo earlier this month. It was suspended rather dramatically. They had to give funds back to their investors. Potentially as a bit of a tong lashing that jack ma gave to regulators a few days before the ipo. Saying it will come down to how the ant group adopts to this new Regulatory Framework. Juliette when we talk about financial risks, china also dealing with some prominent defaults. A statet week, we had linked company that surprised many investors by defaulting. Coal company that surprised many investors by defaulting. And then you have another company that was and had been one of the leading players in chinas conductor space. They defaulted on bonds worth about 200 million u. S. Dollars. It is creating uncertainty. And he was seen a selloff of the bonds of some of these weaker players and the cancellation of fresh debt sales as well. Big questions about what kind of backstop if any the government will be part will provide to some of these soes. Defaultect more soe secure in china. On the flipside, they dont expect the regulators here to go to a position of shock therapy. They will gradually unwind some of the debt, that is according to j. P. Morgan. Are trying to prevent systemic risk. This is one that investors are keeping a close eye on. Tom mackenzie from beijing. Moving to the u. S. Where we do technology once again in the crosshairs of politicians. Fors go to Karina Mitchell that story and the rest of the first word news. Big tech in focus. Dorsey onrberg and capitol hill facing accusations that facebook and twitter censor conservative content. Zuckerberg and dorsey will be questioned by the Senate Judiciary committee. Joe biden calls for a largescale relief package has run into opposition in congress. Joe biden called on lawmakers to Work Together and pass the bill quickly. Richard shelby says it is doubtful the senate will agree on your relief package in the foreseeable future. Calls forepeating its Global Solidarity on rising protectionism as it adjusts to the idea of a new team in washington. The Vice President told the Bloomberg New Economy Forum that unilateralism should be rejected and a new open system that works for all should be belts. Built. Ld be must rise above blocs. Build an open World Economy that works for all. Safeguard the system under the wto and reject unilateralism and protectionism. Karina airbnb has filed for an ipo. The home Share Company aims to go public after a year that saw bookings amber by the coronavirus. Even still, it says revenue was 2. 5 million for september. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im Karina Mitchell. This is bloomberg. We have a couple of big interviews to bring you this hour. We have the video managing director to talk competition in indias booming ecommerce sector. Rishaad dont miss our exclusive interview with the philippines finance secretary, Carlos Dominguez. Rishaad you are back with Bloomberg Markets. Looking at an economy that saw a 11. 5 thirdquarter gdp contraction. What does that mean for growth for the philippines . Answer thato question and exclusively joining us is the philippines finance secretary, carlos mingus. Carlos dominguez. Give us an idea of what you expect in terms of the normalization of the economy . Sec. Dominguez lets put it this way in the thirdquarter , our economy actually grew 8 compared to the Second Quarter. Of course, compared to last year, we are still down for the Third Quarter about 11. 5 and for the nine months, around 10 , down from last year. We are seeing a lot of green shoots coming up and we are very remittances from abroad are holding up and they have not declined as much as we expected. They are only down about 2. 5 from last year. We were expecting something in excess of 5 . Our Housing Market for Residential Homes is holding up well. Our Foreign Exchange reserves , up 104highest ever com billion u. S. Dollars. By has increased in value 4. 9 since the beginning of the year. We are having difficulty due to the contagion with risk stimulating peoples demand. People are still very cautious about getting sick and therefor are holding back on spending. But we believe that we are on the right track and we will see a better performance in the last quarter of this year. Bigaad when we see a bounce back that we have seen in some of these other countries. What have you got penciled in, secretary . Sec. Dominguez what is the question . Rishaad im asking if you expect a big bounce back for the economy, the same sort we have aftern other countries contractions. For are you penciling in the Fourth Quarter in terms of growth . Sec. Dominguez we are assuming that an effective vaccine will be available some time by the first half of next year and that should inject a lot of confidence back into our country. And as a result of that, we do expect a big bounce back in our gdp growth next year. You have to understand that when werecontagion hits us, we in very good financial condition. Debt to gdp our ratio is the lowest it has ever been at the end of 2019. Our preparations which we bigted in 2016 for our build program very successful. This program has buttressed our country from the financial effects of the contagion. While we are seeing a drop in we are still in very good financial health. Juliette finance secretary, youre talking about the vaccine helping the rebound. What about getting people to spend are you looking for further fiscal support . Sec. Dominguez what has happened is our job market has actually picked up. In worst it was hit was april. The jobs lost then have started coming back and we are slowly bringing down our Unemployment Rate to where it was at the end of last year which was below 5 . We are looking at that and we think that the stimulus that will come out of our budget and the other measures that we are passing to reduce corporate , are going toetc. Put more money in the hands of the private sector and of course, to individuals. Juliette do you need to borrow more . And if so, how much from the central bank . Sec. Dominguez at the moment, we have borrowed 540 billion pesos. At this point and time, we do not see any need to do so. But again, we still have some with the central bank and our other creditors. And we are waiting to see if we will need them depending on how long the contagion lasts. But as i said, with the development of a safe and effective vaccine by the year and their availability, we see no need to get out of the normal loan programs that we have planned. Secretary, the Regional Comprehensive Economic Partnership was signed over the weekend. People are talking about the biggest trade deal ever. Tell me about how the philippines anticipates to benefit from this. All, itinguez first of is about time that we signed it. It was eight years in the making. We were really pushing for this program because we believe that Southeast Asia and the members are complementary to each other and will certainly benefit from this big trade program. We are, of course, opening our looking atwell as through our different partners, particularly china. All right, that was an exclusive interview and we thank you for your time. Philippine finance secretary, Carlos Dominguez with us. Earlier, we addressed the Bloomberg New Economy Forum about trade and the relationship with china and the u. S. He said president elect joe biden should look to develop a contracts a constructive relationship with beijing after watching years of donald trump. Priorityk the first will be domestic. He has many urgent things to deal with including covid. Able tohat he will be focus his mind on developing a framework for an overall constructive relationship with china. That means you will be competing and issues to deal with what Work Together to to develop areas of common interest. And within that framework deal with trade, security, climate , north nonproliferation korea. All of the many issues that the powers in ther world have to focus on. Among those will be issues that are of concern to the rest of us here in asia. We will be watching closely how things develop. The last four years has been quite a tumultuous ride. Do you think donald trump has done permanent damage . Previous administrations have seen america have a broad interest in the region. In fostering an overall environment where many countries can develop. Discipline is a strong word to apply to a superpower what a private bash but it presents itself as complying with an forr which is of interest more than just itself. It will take a while for america to come back to such a position. And convince others that it is coming back to such a position. In terms of its relations with china. I cannot speak for the whole administration but there are some elements that definitely did want to make moves that will be difficult to reverse by the subsequent administration. And which will set the tone for the relationship for a long time to come. People havee things talked about joe biden doing is having a coalition of democracies that would bring in people like yourselves, indonesia and singapore is that part of the framework that you can imagine working in . We all want to Work Together with the u. S. We all want to Work Together with other vibrant economies. We would like to cooperate within the region. I think not many countries would basically a coalition against those that have been excluded. Chief of whom would be china. You want everyone to be in the discussion trying to work out adjustments to the world order. In thatnt and process, you will have people from alliances that cooperate with one another and will try to find common cause. Lineup,ry to make a cold war style, i dont think that is in the cards. Is there a possibility that joe biden could end up being somewhat tougher in terms of everyday things than donald trump was . It is possible because the consensus to see china as a strategic threat is almost becomingreceived perceived wisdom and unquestionable in washington. It would be very difficult for any administration to disregard that and just proceed as if the last two years have not taken place. We talked a lot about the american attitude. Chinese are the prepared to do bargains on this . I dont think the chinese want a collision. They know they are not ready for a collision. Im not sure that they are prepared to give a lot of ground and their principal consideration will be a domestic one rather than one of international balance. In the abstract, i think they would agree if not to a shift, at least to a change in the trajectory. But, in practice, when push comes to shove and you have to negotiate a new dispensation, i bargainers. Hard it is not clear that the two sides will be able to move to a new position. Singapore Prime Minister speaking at the new Economy Forum. We also have a lot more to come from that forum this week. Including the indian Prime Minister, modi, ecb president Christine Lagarde enbridge waters ray dalio among others. Quick check of the latest business flash headlines. On the newse trade that the stock will join the s p 500. The 17yearold carmaker will join the index on december 21 after a temporary setback after a failed to make the grade in september. The anticipation has driven a fivefold rally this year making it the most valuable company to ever be added to the gauge. Ties withrmanent operators as it seeks to regain trust after a moneylaundering investigation. Any future work with these operators will be after consultation with gaming administrators. The Money Laundering in cory has revealed broad dysfunction and government failings at crown. The abu dhabi carrier will launch daily flights to tel aviv next year as ties strengthened between the countries following their diplomatic breakthrough in august. The Service Starts march 28 and will connect travelers via abu dhabi to asia and elsewhere. Huawei has confirmed it is toling its smartphone unit another company. Offers noent financial details and comes a week after Digital China says it had not received a confirmation of a deal. The chinese Search Engine baidu is to purchase a live operation in china. A move that marks its biggest for you yet into this fastgrowing area. Billion as it. 6. Ries to adapt the mobile era almost 2 billion of business and 4 million paying users. Wed Market Action have more optimism coming through for u. S. Market at least with regards to the mud down a vaccine which was effective in in somethingvid19 approaching 95 of the people they tried it on. These stocks have been lifted from some of that optimism including cathay pacific. Tencent on the way down. Jd. Comm came out and beat revenues. There are concerns around slowing ecommerce growth and margin pressure. On a lunchkets go break. They are down. 2. 5 in the case of the chinex. Oil is just about positive. The msci asiapacific index of by about 0. 1 . We are heading towards the china lunch break. Markets in this part of the world just coming off the highs of the day. This is bloomberg. Are you frustrated with your weight and health . 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Rishaad this is the forrnational space station astronauts. Two of them are cruising above with that spacex capsule. Capital is scheduled to arrive and dock with the station within a halfhour. Apparently the dragon is performing as expected. Dramatic images there of the iss, the International Space station. And all views from that dragon capsule. Go to the first word headlines. Coronavirus cases are pushing 15 million. It is rising in all 50 states. Michigan is imposing a three week lockdown from wednesday, confirmed cases in france are about to hit the 2 million mark with the Health Minister saying new lockdowns are working. Person prosecuted under hong kong secret he was landmarkot guilty in a trial. This is about engaging in terrorism and it has been moved to the high court. The case will highlight how the Hong Kong Government intends to handle the law. Some lawyers say they conflict hangover basic floor. We will have destructive winds and torrential rains. Hurricane iota is forecast to cross honduras nicaragua border etare two weeks after killed all these people. Iota may bring a storm surge of six meters or 20 feet. Brighter note, sydni has put on a show to celebrate the centennial birthday. The city famous bridge was lit up like a birthday cake, blowing out the candles blowing out the candles. Wascarrier events team given a budget of zero dollars for the day. , most of theg fleet remainstas grounded. Powered by more than 2700 journalists in more than 120 countries, this is bloomberg. Look at markets. Even though we had that positive moderna news, youre saying Health Cal Health care stocks here in asia. They are holding at this record for a 12 session. Seeing a little bit of weakness filter through in the japanese market. A lot of these stayathome stocks getting hit. The hang seng is down by 2. 3 . Todayre back on board with the asx 200 holding with highs we have not seen since earlier this year. I wanted to show you that we are seeing some signs of signals coming through on the asiapacific index. Probably not that surprising after 12 sessions of gains with the 14 day rsi flashing a bear or signal. Suggesting that even though we have seen a lot of positive momentum flow through these, multiyear and record highs are flashing a little bit of a sign that investors may want to pull back a little. Have the u. S. And europe seen over surgeons in covid19, asias early control of the pandemic has meant that the economic recovery is expected to continue as consumers start to spend more. Guest says the shopping extravaganza through large increases in sales. Ours bring in correspondent. Great to have you with us, talk about how the pandemic has changed your business and what kind of trends you are seeing in ecommerce. Is it mainly being driven by apps . We have seen booming sales in the shopping season. Dashboardal sales oforded over this amount transactions. If you look in malaysia and the regions that are the highest, we have 600 higher sales. What is really interesting to see is categories like apparel and accessories. Home and garden by about 3. 5 . In terms of sorry . Sayet i which is going to that we wanted to get your thoughts on apps and how consumers mindsets have changed from the pandemic but also how ranz have had to try to engage work closely with customers. That is right. Atis a new shift to look apps specifically. There has been more Online Shopping. About 53 l consumers, have discovered at least one form of Online Shopping during the peak of the pandemic. Southeast asia was one of the regions with the highest app shares globally. App shopping is a big trend that brands should watch. According to the global up sales, consumers have found at least one shopping app during the covid19 pandemic. I wanted to get some of your other thoughts. We have all had that moment where we have been talking with friends about something we are interested in and then the apps come up online. What sort of privacy concerns how do you address privacy concerns for your customers here . Ensuring privacy and protection is deeply important for the brands. More, thers shop consent of the site users is important. Criteo has been working to ensure these three aspects. User control over there experience. I think that is super important. Advertising for benefits when it is done right. And browsers and devices should not control user data. Users should have the control. There has been a lot of these socalled shopping festivals online of late. People have been talking about there being festival fatigue. You would not think so with alibabas singles, would you . Shopping more and we anticipate that that such shopping trends will stay. In malaysia, we have several examples. Byh increased retail sales 132 percent and 64 respectively in the two countries. Unity circumstances resulted in Online Shopping. Not only are people shopping more but they are also using apps. What else are you seeing . You see that only channel thosers spend more than that go to stores only. Is that true for everywhere . Up. Etailers should step there are three main important things that brands should look at. I think targeting the most valuable audiences. Also, website optimizations. I think adapting a retail only strategy is important. This means creating a better brand experience. Ensuring that all Strategic Planning should be done together and no challenge should be planned and vinyl. In final. I think the third most important not enoughat it is for brands to advertise a single day deal. They have to advertise in the right context with relevant content. This means considering the that is what we are seeing. How will the post covid world look to you and what you do . What has changed . There are new Consumer Trends emerging. It is important for brands to shave shift some of this consumer behavior. They will be able to help them engaging and using other ecommerce channels. The brands were able to guide and shift that behavior are the ones that will benefit in the long run. Just very quickly, tr t aranjeet, is this something that we will see, less brickandmortar shopping . Taranjeet i think it will be both. It will be merging both on and offline and picking up their shopping. There has to be analytics across both online and offline. Rishaad rishaad rishaad thank you so much, taranjeet. We are counting down to the opening of the session in india. The first trading day of the week, yesterday, the markets were shut because of the festival of lights. That was the wiley. One stock we are seeing on the move is reliance industries, gaining just over 4 premarket there. Details on that and the open coming up. This is bloomberg. Rishaad this image is coming from space. It is the space x crew on this dragon capsule. They are going to the International Space station. We are expecting it to dock in the next few minutes. It is expected to dock at noon hong kong, beijing and singapore eastern time. Nasa is taking another step toward humans in space. First of the missions for nasa. That spacex is now one of the space industry stalwart and one of nasas significant partners there as well. Lets get a check of the latest business flash headlines. Has a met pmaker admitted debt default. This is a partner of bmw and says it cannot repay almost a billion dollars of obligation. This chip producer says it also an onshore bond after talk with creditors. Also, and a letter vehicle being rolled out within months. The partnersp to across china. Didis already defeated has already defeated uber in china. Between taylorw swift and Scooter Braun has ended with him selling the royalties of her first six albums. Says the buyer is Shamrock Holdings and she has been trying to reacquire the collection herself. Ofhaad getting to that open the indian markets. We are now 23 seconds into it all. There we are. A bit of catchup taking place here. We did have a Public Holiday there in india yesterday. Taking a look at the one Company Making waves, it is reliance industries. Online retailn an finisher furniture retailer called urban ladder. We have ikea in their crosshairs as well. That is what we have at the moment. Modernity moderna says a coronavirushas vaccine that is nearly 95 effective. It can be stored for 20 days. That is being called a game changer. We have been working on mrna vaccines for a long time. Mentioned,accine you we invested heavily in science over the years, in the process. This gives us a much better storage condition then what we had five years ago. Brilliant. It will have a huge impact on distribution. How much of an effect will that stability at a higher temperature have in everybodys ability to have get a hold of this vaccine . We have them at big distribution centers. Those are able to handle the product because they are already product approved. What is important about todays news is that we can go to 30 days and have a regular vaccine stored in a fridge. Pharmacy in every every hospital has that capability. Other piece is over vaccine does not require dilution. The other vaccine you mentioned requires dilution. So we take the vaccine out and there is a nice tryst. What we have to do to get the roll back to normal is a maximum Vaccination Campaign. That has never happened before. All the time we are wasting to do all of these things to all of our products is going to be an issue. We think between the fridge condition storage and the fact that we do not require any be aion onsite, that will big advantage for nurses and doctors to provide that vaccine quicker to the population that wants it. Have you had conversations with the Incoming Administration about how to mobilize . We have been working very closely with the cdc for a long time. We are in daily discussions with them about what we will do. ,s soon as we have an approval we will ship the product. We are very active in the seasonal flu process to get the vaccines at two the hospitals and pharmacies. All the big pharmacy changes in chains in the u. S. Have signed up. This will be available in ,ospitals, in some rural areas the gp office, there is a lot of work going on. The government is taking care of that step. One of the key questions as we all watch the case count climbing around the world is what impact these stocks will have if i come into contact or get the virus, how will this affect my ability to transmit it to others . Stephane this, we dont know yet. What we know from todays data is that if you get the vaccine, you would have a 94 chance of not having any covid disease. That is a big deal. Stephanethat was speaking with our colleagues. We have a lot of big names coming up including the indian Prime Minister, modi. Also, a whole host of others. Stay with us is bloomberg. Us, this is bloomberg. Compared the reports to china and it was we compared the reports to china and it was inevitable. For some cooperative action, it may slide into catastrophe. Safeguard the system on the wto. We have to reject unilateralism and protectionism. The american headmistress and is about to change but the clock will not simply be rewound. He can focus his mind on developing a framework for a constructive relationship with china because the last four years have been quite a tumultuous ride. Trumpetedrces have the decoupling. Are going intowe orld of deep protectionism i dont think we are going into a world of deep protectionism going forward, i see deepening globalism. Dont forget, the forum is on all week. Speakers coming up are the indian Prime Minister, Christine Lagarde and others. We have those record highs on the s p 500 and dow jones index Moderna Vaccine news. We see this trying to hold on at these records. We have seen a little bit of weakness filtering through. Particularly, the chinese market. Comingmarginal gains through. A lot of these are at multiyear or record highs. Hong kongs market is about to go into the lunch break slightly higher. A bit of a dip down. We are still seeing quite a bit of money going through a lot of these currencies. The taiwan dollar leading gains there. We are seeing a bit of movement going out of the bond market there. At d also, looking were coming up to noon here in hong kong. No idea what the time is in space. But that is the space x dragon capsule. Att is going to be docking the International Space station. The crew had a daylong journey from the Kennedy Space center in florida. They should be just about to dock with the space station here. It looks like we are going rather slowly toward the space station. It is docking. Dont forget that they are whizzing around the earth at an astonishing 17,500 miles per hour. Absolutely. This is an extra ordinary move. Operational move to the station. The latest launch occurring 18 years after elon musk founded the Space Exploration technology with the ultimate goal of populating the other planet. We know that elon musk may be infected with coronavirus but he has said he had no physical interactions with the mission crew you were mentioning there. Fit for thets sixmonth month journey aboard the space station. An american as well. Absolutely. We have this mission coming as nasa celebrates some 20 years of continuous humor and presence of on the space station. This is an orbiting laboratory 250 miles above earth. That is it for Bloomberg Markets. Daybreak middle east is next. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Adapting. Innovating. Lsetting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Class welcome to bloomberg technology. Welcome to bloomberg technology, i am emily chang. Uge news from moderna the chair will be my guest later this hour. Lets check with abigail on how the stocks moved on this big scene news. There was a