the philippines are a little nder pressure. alaysiania down .4%. we're -- we have seen substantial increases. $130 billion u.s. dollars. earmark story today. chances are this will be making stories in the next few hours. hang seng. as long as we close at or around or above these levels, we will be entering a bull market for hong kong for the hang seng index. we erased the losses for the year. t is up .5%. 107.22. ese yen, back six weeks to the start of retrieved all of he strength. last thing before i go, i max china. we have to mention that shares re up today. the good earnings, numbers they reported, doesn't mean they have taken it away from future growth. it is good now. good in the future. expansion -- in the first six months of this year. imax china up 8% here in hong kong. rish? rishaad: thanks for that. what is the time at the moment in cleveland, ohio, it is two minutes past 10 on wednesday evening. donald trump of course the ficial nominee now for the r.n.c. to represent republicans for the presidential election in november. he is set to take the stage. we also have of course the vice-presidential nominee, mike pence, he is expected to be making an appearance as well in leveland to make a bid for a prize that has been elusive for donald trump, the trust of the mainstream republicans out there. they have remained skeptical that their candidate is conservative. there is donald trump. we have had a series of speakers ahead of all of this. this is what we have so far. >> it is such an honor to be here. rishaad: he is about to be -- he is going to take you to the lectern there. let's bring you any headlines and other stories but first et's get you to elon musk. plans to make a wider range of vehicles including trucks and buses. >> essentially he laid out his deas for energy and transport. if his plans work out, tesla and him will be poised in the right place to take advantage of it. he has laid out a vision where they are going produce more buses. we only see this as a gas guzzling part of transport industry. by his plans they won't be. he said the early stage is development. they are also looking at not just the way that they are fueled but also changing the design of these vehicles so they can be more efficient and also taking passengers all the way to their destination. i'm not sure -- he wasn't clear about how that would work. whether you would go all the way on public transport vehicles to exactly where you want to go? rishaad: isn't that what happens now? anyway, i'm not going there. >> you can summon them perhaps using a smart phone app. we all know that it'sly has been testing driving vehicles. he says it is a long way off. they are working on making them safer. when there are proper self driving vehicles, you may be able to have a vehicle that helps you save money and make money. when you're not using it, you can put it into a fleet where it will operate for others to use and make combloun. he says people only use cars between 5% and 10% of the time anyway. rishaad: he has been trying to sell this one, isn't he? investors are not that convinced, though. >> he said it'sly -- he has a 22% stake. this all comes into this big plan. he wants to make solar panel integrateded into the roof type products. having solar city as part of tesla family would help him to do this. essentially, this plays into the of energy. tesla's website has dropped the word motor from its website. previously they focused on clean transportation. maybe the focus moving to the wider range of energy. rishaad: the master plan. >> some say it is grandiose no time frame and no specifics and others say it is a junius move into the future. -- genius move into the future. rishaad: let's take you to some of the other stories that we're covering for you today. >> the u.s. justice department is looking to save more than a billion dollars in assets. it was laundered through american banks. the justice department says funds diverted were used for the personal benefit of public officials and their relatives and associates were used to purchase real estate, pay gambling expeanses and purchase more than $200 million in art work. it helped bankroll the congresswomen "the wolf of wall street." an hsbc executive has been granted bail in new york after being arrested by the f.b.i. as he prepared to fly out of j.f.k. airport. the global head of foreign exchange cash training in london faces charges of manipulating the pound to take advantage of inside information about a client. johnson and a colleague are accused of front running the currency transaction back in 2011 reaping $8 billion for the bank. he left the bank two years ago. he remains in the u.k. he is expected to face extradition from the u.s. they are the first pair of individuals to be charged in of misconduct in the foreign exchange market. turkey has declared a three-month state of emergency. army units will take orders from governors meaning the country wobet be under military rule. he blamed the uprising on followers of the u.s.-based cleric. thousands of army officers, judges and prosecutors have been arrested. rish? rishaad: thank you very much indeed for that. let's talk to you about oil surge. it decided not to submit a counterproposal. it means exxon must wait to see whether total will go it alone and challenge its higher bids. oil surge, decided to give this one a miss on the end? >> yeah, oil search might win by losing out on this bid to exxon. they have two spots in gains. they are already partners with exxon in an l.n.g. facility. they work with total on this other facility that is proposed for the future. the whole purpose of their bid was to get more of a control of this one and integrate the two to get some cost savings to be able to compete in this global gas market. oil search gets the benefit without havingo dilute their shares to buy oil. rishaad: the thing is where does this leave total in all of this? >> that's a big question now. total can always do what exxon did and sort of go on their own and submit a solo unsolicitted bid if it wants to any time before exxon -- with interoil. everyone is wondering what -- in already has a stake what exxon is buying into. they might decide to go along with it. we'll have to wait and see on that one. right now total just said it is going to analyze exxon's bid and see what its options are. rishaad: thanks a lot for that. we have to tell you we're going to be speaking to oil search's managing director in an exclusive interview. that is coming up. this is bloomberg. rishaad: we're back with "trending business". we'll hear from oil search's managing director himself. thank you so much for joining us this morning. you decided not to come in and try to match or beat exxon here. what was the rationale there? -- the ly, n.g. development in the country. we are obviously participants in energy. it has a big ounership and we saw the quality of that asset as being very important in our portfolio. but most importantly as we go nto that next phase, driving a corporation agenda was a key part of why we made a bid. ad we put up what we think is pretty good bid on the table. we did not -- exxon mobil has come along and put a larger offer on the table. value offert a good if you consider cooperation is now inevitable. last week delivered what we wanted out of the deal, bringing the projects together. reduce the time to market and drive a much better economic outcome. many of the objectives we saw have been achieved should exxon mobil rishaad: where does this leave you at the end of the day? >> it leaves us with a very lng,hy interest in png, and gives us an opportunity to drive cooperation between the two projects for the next phase. we see at least two more trains coming out of png lng and cap hopefully a third train. now, with us driving the cooperative agenda and with exxon mobil on both sides of the project, all sides, we now see the next 12 months as considerable negotiation between exxon and other parties to see how the project can cooperate and potentially, at least in the downstream, come together. that will save money and capital costs, and we -- think it will accelerate development and make it easier to develop in a challenging gas and oil price world. rishaad: peter, absolutely. you mentioned toe tell there. have you been talking to them? >> of course. we are -- they are a backer of our regional transaction. we have a strong relationship with them. i believe they made an announcement today saying they will maintain their capital discipline around the project and what they put on the table with us was, in their view, fair value. we have we have both, both said we were seeking ioperation with png lng, and think the deal has been the catalyst for that cooperation, a dialogue to start with exxon gbil now coming into toppling , that underscores the deal -- our efforts. is very wellink it that they are there. rishaad: you mentioned the challenging environment for oil and gas. how is it turning out in your business? many of the projects of other aremajors on the table being put on the back burner because it is uneconomical to invest in and fulfill them. what is your view? it is a challenging market. png lng is one of the biggest producers in our region. certainly, with the liquids that come from that, it is a healthy returning project. , they are aes quality resource and when you with cooperation, you get an outstanding return which makes the development of the next phase not a greenfield project, but a brownfield expansion of the existing facilities and project as a potential opportunity for us all. that makes financing easier, it makes marketing easier. twenty-year gas contracts to underwrite further growth. it makes the returns much higher. we think bringing the two projects cooperating together is a way of managing some of the risks that are inherent in what is a very challenging lng market in southeast asia. expect: how long do you this global lng market to remain oversupplied? >> i think oil prices will slowly recover. supply and demand will come back in balance. i am more bullish on oil prices than lng. with the overcapacity in the asian market, and continued challenges to build new lng projects, i think it will stay quasi-oversupply until about 2022. beyond that, to the middle of the next decade, you will need new projects coming into the market, and we believe an exchange -- an expansion is ideally suited to start to fill lng demand in the early 2020's. you will not see many in our region be successful, but with cooperation and optimal capital usage, we think we are very competitive and can fill the void. i think it will be a number of years before you see the lng market return to some form of quasi-normality. but as production and operating we will beow in png, one of the most competitive suppliers in the region in the short-term. rishaad: what about the buyers? think about japan. they used to have long-term contracts and they are trying to get away from those. the thing is, how does that affect your ability to finance investment projects? to how you usek and meet capital. i think if you are going to lngd a large green fields project in our region, even in png, you will need long-term contracts. but if you are able to alter mise the capital cooperation between png, lng, and others, i think you may be able to achieve some level of flexibility in your contracting for customers and meet some of the expectations that they clearly have right now, given the market circumstance. again, i think cooperation makes ushe projects competitive. you may not need those twenty-year contracts, and that is what you have to do to compete in the market right now. look for flexibility in contracts, to where diversion rights go, all of which requires when, even five years ago, we committed to png, lng. rishaad: peter, good talking to you. up next, it's more than 100 years old. we are talking to goodrich, saying it may lift one of its divisions. this is bloomberg. ♪ rishaad: you are back with trending business." the family business growing tenfold is on track despite india's economic slowdown. the godrej chairman spoke to us. he talked about how he will continue the rapid growth rate. >> that is to be partly achieved organically, by normal growth, and partly by inorganic growth, acquisitions. now, i expect the indian economy will do exceedingly well. we are expecting good monsoons. to monsoons that affected the growth rate. we are hoping that very important reform of indirect taxes called gst will go through. all in all, i expect strong growth in india, and i think our growth targets of 10 by 10 will get achieved. >> outside of india, godrej had a three by three strategy, where you focused on africa, asia, and , in-home products. why those product areas, why those markets? x those are product areas where we have strengths, where we have developed very good bottom of the pyramid products, affordable products. penetration of consumer products in india is low. many other developing countries come also low. opportunities for growth are huge. we have great knowledge of these product fields. we are doing well in india in these product fields. we think we can do well in other developing countries. over the last 10 years, we acquired local businesses which tapped into the strategy and have been able to build a strong business together. >> specifically within the godrej group of companies, any ideal possibilities? possibilities? >> no immediate plans for an ipo, but there might be an ipi -- an ipo over a period of time. we may look at taking it public. >> any specific acquisition targets? >> no, no specific targets, but we are keen to grow in organically. both in godrej consumer products. coming up, could new zealand's central bank the hang being the way for central -- for interest rate cuts? ♪ e rishaad: a look at top stories, the hang seng in bull market. asia pacific keeps the rally alive after the s&p 500 and dow closed. putting the win back in stocks. trillion to world markets over the past three weeks. elon musk unveiled his master plan for tesla motors, his long-term vision includes solar and battery storage and electric freight trucks and buses and a ridesharing business. he was met with skepticism, but one analyst says he offered few specifics on how and when tesla would become profitable. turkey will impose a three-month state of emergency after the failed military coup. the lira hitting a low after the uprising, blamed on a us-based cleric by the prime minister. the bbc says 9000 people have been arrested and another 50,000 have lost their jobs. what's going on with the trading days, firmly in the green. david inglis with all that. david: it certainly is. asia is waking up to wall street , dow jones, s&p 500, pick your metric, record high. asia looking like this. slice and dice the sector groups, telcos are down. 3/10 of 1%. every sector group is higher. i want to point out, gentile 5.35,ties in hong kong, down to a surge in net income for the first half. 1000%. shares of five and a half percent, up nine and a half. the best performing stocks in hong kong, biggest point contributor to the index. the other big investment theme we have been following is the pokemon go effect. , roughly still double levels before the launch. mcdonald's as well, coming up with a statement responding to reports of the last 48 hours that it was in collaboration with pokemon go. they are soon collaborating with the game maker and we could see its restaurants in japan as locations for the game. we will wait for the announcement. he has yet to be launched in japan. a few other things, a bunch of stories on the bloomberg website, one of which is, legendary pictures partnered with pokemon go. it starts next year. it will be distributed by universal, starring detective pikachu. japan's chief cabinet secretary commenting on the game, as well. a word of caution here, he tells players of the game to play it safely. a lot of people getting in the mix. as an investment theme, mitsubishi, have a look at the price of nintendo. they have jacked up their 12 month price target's to over 40,000. that is a high. they changed the way they valued nintendo. approach,a pe-based very interesting how this is disrupting and really, pardon the pun, changing the game. rishaad: the malaysian government has been pledging to cooperate with the lawful investigations as u.s. prosecutors seek to seize $1 billion in assets linked to the embattled state fund one dav. let's have a look with haslinda amin. what is new here? what we now? -- what do we know? we know is, the malaysian government says it will cooperate, and if wrongdoing is proven, the level be enforced. one minister pointed out, any claim must be treated with caution and must follow legal process. the malaysian opposition made a common today, saying the prime minister, who was chairman of address the issue. the reactions after u.s. prosecutors say they will take action to seize assets worth about $1 billion. civil lawsuits have been filed. loretta lynch had to say this. sadly, aunately, db leaderscorrupt 1m treated this is a personal bank account. haslinda: a similar sentiment from the fbi, saying the malaysian people were defrauded on an enormous scale. strong words there. prosecutors say billions created from 2009-2015. named?: who has been has anybody been named in the complaint? do we know who is involved? haslinda: yes. people were named. two people mentioned in particular, the stepson of the malaysian prime minister. he partly owns the production company in hollywood, red producedictures, which "wolf of wall street." this morning, it said the funding from four years ago was not legitimate, -- was not illegitimate, and the lawsuit will not impact its operations. a malaysian financier was mentioned, including several officials in abu dhabi. rishaad: the swiss banks have been seeking help from the u.s. on investigations. to what extent are these institutions involved in this? haslinda: more than initially thought. bsi,ow about swiss bank its operations in singapore are shut down. u.s. prosecutors have highlighted other banks they believe are linked to the one mdb scandal. are seen as conduits. swiss prosecutors are seeking help from their u.s. counterparts to gather information. b is under multiple probes. singapore,il goes to switzerland, hong kong, abu dhabi, the u.s. it remains under investigation by police although a comprehensive view -- review from the attorney general found no wrongdoing. haslinda amin in singapore. the people's bank of china strengthened the one -- the yuan. bloomberg news emergency markets editor is with me. what is the pboc's master plan? of affairse state over the past couple days. what we have seen the pboc doing previously is, it kind of follows the market. it is now going against market moves. the general feeling is that it is trying to defend the currency from slipping past 6.7 on the dollar. nobody really expects the currency not to slide past 6.7. rishaad: some are suggesting this is the flaw. >> some are suggesting that probably this is where the pboc once the currency to be, but the , what theiew is that pboc is trying to do is clever. they are allowing the currency to decline, coming into the market at certain times to control the pace of the depreciation so there isn't a huge amount of depreciation pressure on the currency, and then letting it slide again. then, repeating that over and over. what it is achieving by doing that is, it is allowing a decline, helping exports, at the same time not really putting huge pressure on capital outflows. people know where the concert -- the currency is headed. rishaad: exactly. where do people think it is going? and the other thing, going to the g-20 meeting, and the lesbian months we have heard barely eight people out of people saying anything -- barely a peep out of people. >> not until tromp, if he becomes president -- tromp -- trump, if he becomes president. many people say that the g-20 come a couple days from now, finance chiefs meeting, they are trying to stabilize the currency. you have seen it happen over the years, they tend to do that .efore huge world meetings to offset any cries of, you are devaluing the currency too much. i probably think that after the meeting is over, the depreciation will continue. but it is a controlled pace. rishaad: breaking news, we will head over to cleveland. mike pence is speaking at the convention in cleveland. ryan, thehis is paul most senior republican at the moment. pence topecting mike send out a message of unity. the other stories making headlines, ted cruz was booed off the stage at the republican convention after he failed to directly endorse the man who had to him -- who had dubbed him what --ed." wife was ushered out. paul ryan gave his endorsement, and we expect mike pence to speak to the gop convention, to come out and support, call for support for donald trump, and call for unity for the people to gather around him. god. saying he is a man of here is the house speaker. ryan: there is no doubt in my mind that he will bring real change to washington. i have every confidence that he will do us all proud. ladies and gentlemen, it is my honor to introduce to you the next vice president of the united states, governor mike pence. [applause] [chanting] mike! mike! pence: my fellow americans, thank you from the bottom of my heart. i am deeply humbled by your confidence, and on behalf of my here and gone, i accept your nomination to run and serve as vice president of the united states of america. [applause] gov. pence: let me thank speaker paul ryan for that gracious welcome. call, you are a true friend and a great american leader. knows me well and he knows the introduction i prefer is a little bit shorter. i am a christian, a conservative, and a republican, in that order. [applause] gov. pence: i am new to this campaign, and honestly, i never thought i would be standing here. i thought i would be spending this evening with all my friends from the great state of indiana. yet, there i was, a few days ago in new york city, with the man , who faced 16tes talented opponents and outlasted every one of them, and along the way, brought millions of new voters into the republican party. you know, he is a man known for a large personality, a colorful style, and lots of charisma, and i guess he was just looking for some balance on the ticket. well, for those of you who don't iow me, which is most of you, grew up on the front row of the american dream. my grandfather immigrated to this country. i was raised in a small town in southern indiana, in a big family with a cornfield in the backyard. athough we weren't really political family, the heroes of my youth were president john f. kennedy and the reverend -- the reverend dr. martin luther king jr. i watched myung, mom and dad build everything that matters, a family, a business, and a good name. i was raised to believe in hard work, in faith, and in family. my dad was a combat veteran in korea. [applause] ran gas stations in our small town, and he was a great father. if dad were here today, i have a feeling he would enjoy this moment. and probably be pretty surprised. but it is such a joy for me to tell you that my mother is here. plause] gov. pence: would you join me in welcoming the light of my life, my mom, nancy. pplause] gov. pence: growing up, i actually started in politics and the other party. until i heard the voice on the -- and the ideals of the 40th president, and i signed on for the reagan revolution. [applause] gov. pence: but the best thing that ever happened to me, even counting tonight, is that 31 years ago, i married the girl of my dreams, a schoolteacher and artist. she is everything to me. would you welcome my wonderful pence. aren [applause] gov. pence: and regardless of any title i will ever hold, the most important job i will ever d. e is spelled d-a- to beand i are blessed the parents of the three greatest kids in the world. a writer named charlotte, a perl -- a college student named audrey, and a second lieutenant in the u.s. marine corps, michael pence. i am so proud of you guys. [applause] that is the republican nominee for vice president. talking as the campaign managers are trying to get the republican party all to back the official nominee for the presidential election taking place in november. we will go from sublime to the ridiculous. rolls on.n juggernaut they are developing a live-action movie based on productionikachu. expects to start this year. mcdonald's japan announced its own tiny and pokemon go, the phenomenon that has seen nintendo's market cap top billions of dollars. they offered to buy the company out for $88 million, the rate operator valued at $2 billion. they are seeking to take the company private after a series of obstructions in the past four years. smr t is supposed to become a subsidiary in november. after raising the most in three months, earnings exceeded market operating at eight and a quarter billion dollars. that does not include the $2.4 billion they have set aside in provisions for impending lawsuits in the u.s.. vw predicting an increase in four-year profits as it tries to recover from the ignition scandal. big investors may have had enough of -- agreement with the market leader didi shoeshine -- executives would need to negotiate. -- and didi are bleeding cash in china. first indicators tracked the chinese economy, looking at metrics from employment to apple david, howctions, important are these nongovernment economic indicators for china? david: the government has been putting out indicators for decades. but he believes them. if you take employment, unemployment in china officially sinceen it -- at about 4% 2000 two. although china is going through slowest growth in 25 years, everybody has a job, apparently. we need indicators like this to come out and help with the reality of the situation is. rishaad: what indicators i they trying to get a hold of? main ones, that they will put out every month is an thatyment it -- index shows the volatility of employment in china, and a consumer index that tracks the amount of sales. going shopping, going to the movies, going to restaurants. actuallyhow did baidu come up with this? biggestaidu is china's search engine since google got booted out. what they have done is, they have tracked down what everybody puts into baidu mavs. when you want to go somewhere in china and you have a smart phone, you do what everyone does, you type in "apple store beijing congo and you use that to find your way along. it tracked all searches going shopping areas and 2000 industrial parks in the country. they use that to build the indicators. rishaad: what is the upside? david: a lot of money. this is trying to become big data house. they want to be seen as having the leading edge when it comes to insight. second, they will sell this. if you are a hedge fund manager or an apple shareholder, from next month on, you can pay by do, presumably -- why do -- baidu to build inside yourself. rishaad: thank you. ksc becoming the target of anger over territorial tensions in the south china sea. rishaad: we are back. four major u.s. airlines are on provisional approval to tokyo. delta, american, united, and hawaiian will be allowed to take daytime flights to canada airport, instead of overnight juries -- flights. it will begin flights from minneapolis. cut the profit forecast for the year. it is expecting weaker demand for european travel after recent terrorist attacks. revenue is expected to fall from 8-9% -- fall to 8-9%. india is clearing the way for apple to open its retail stores thereafter repeated delays. approving --t is foreign companies are required to buy 30% of components locally but india will make an exception for cutting-edge technology. have a look at what has been going on social media. looking at chinese tech employees who have been handed the notice that they will lose their jobs, they will get fired they were caught with a new iphone. china's tech firm has 50 employees, but it issued a harsh warning that if they buy the new iphone, it will be launched in september, they will be fired immediately. you can have a look at these. it is drastic. no readmission to respective employees. to appease employees, they went on to say that they will be giving a reimbursement to people who currently already have the other iphone. rmb up to two and a half thousand to replace it. this is because apple, they are areerned apples developers anti-chinese. apple has said this is not the case. says, whyder at bina would used in money on an iphone seven when you can have it -- a chinese phone? to,aad: this is extending riots taking place outside kfc restaurants. >> smashing iphones unrelated to the claims. this is to do with the fact, over the dispute over the child -- the south china sea. the protests are seeing these companies as u.s. symbolism. iphones being smashed, the protests outside of kfc. chinese media has criticized the anti-u.s. protests, saying they are jingoistic and they do a disservice to the nation. certainly, there is been quite a lot of people upset over these rulings. rishaad: to say the least. thank you very much, juliet. that's it for "trending business." coming up, and she will be updating you on the biggest stories. a trader atst is citigroup. asia edge is next. ?c+sv angie: it's the middle of the asian trading day. we are live in hong kong as the pboc strengthens, the yuan is up the most in three weeks. this is "asia edge." i am angie lau. the top stories, asian markets hit 2016 highs after fresh wall street records. investors feeling positive about the economy. and on to wall street hollywood, prosecutors say a s stolen from imdb was laundered in the u.s. electric trust -- trucks and buses, integrated solar rooftops. elon musk unveils his master plan. coming up, donald trump's is presidential pick addresses the convention. the booze ring out for ted cruz. -- the boos rang out for ted cruz. it is as if nothing is wrong with the world. we say that a lot, but looking at how markets have hit new highs, if you draw the line from , thewe hit a post brexit value of global stocks has risen from just about $60 trillion to $65 trillion at the moment. if you want to draw the line to february, we have gone