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tv   Trending Business  Bloomberg  January 27, 2016 9:00pm-10:00pm EST

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session. when it comes to men versus machine, google said there is only one winner. that is its artificial intelligence program, and human game displays. now they are taking over the world. follow me on twitter. that is my handle. trendingrget to use # business as well. gradually green, raising some of the equity benchmarks at the start. here is the line. yvonne: things are looking a little better in the last half hour. jakarta coming online pretty much flat. 1%.ghai stock of 1/10 of two days of losses, a lot of pressure in the last two days. looking a little bit better now. hang seng up a 10th of 1%.
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philippines stock, 8/10 of 1% down. we are expecting the number anytime. apex 200 come on the stocks up one -- 8/10 of 1%. nikkei to do five, 4/10 of 1% up. the fed really is what people are guiding the markets today. the u.s. saw stocks fall after that decision. the fed was pretty realistic though, as some analysts has said. they know the outlook has become more uncertain. they will be closely by entering what goes on on the global front when it comes to oil, china, and the bets on the march rate hike has been cut. people are saying that the fed really has peddled on december, but some people say it is more a realisti view of how things are looking right now. then stocks, as we see, policy meeting starting today. back to you.
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rishaad: it is a blowout number just coming through. gdp figures coming up, 6.3% growth year on year. we were looking for 5.9%. this is what we have. fourth-quarter gdp, 6.3 percent year over year. the finance minister of philippines, we will joining him in about 40 minutes. the benchmark certainly was under a bit of pressure. what do we have now? that ps i down 7/10 of 1%. this is how it is looking rht now. in terms of the peso, we are seeing a bit of reaction. some strength in the filipino peso immediately after.
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great news on gdp numbers, beating the estimate. 47.86 on the peso right now. we did a little bit of a strengthening here -- weakening here. reaction is so far coming out of manila. rishaad: thank you. so much stronger than expected. 6.1% was the third-quarter growth number. that actually has been beaten, areuse we have expectations 5.9% in the fourth quarter. at the moment, philippines growing faster than expected. we will go over to manila to get a look at the numbers. before that, another top story. samsung, showing demand for high-end smartphones. let's look at the numbers. here is heidi.
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heidi: as we were saying earlier, there is not a lot good about this report, we are getting that sinking feeling. fourth-quarter net profit plunging close to 40% by 2.9 billion u.s. dollars. that really miss the mark, somewhere are closer to $4.5 billion. net profit falling almost 20% for the year. this decline, really getting driven i declines across the interval segments, smartphones essentially. the back of slowing demand for high-end models overall. galaxy sales for example, weighing on prices on key components, which is a product of vertical integration. in ating profit as well semiconductive business taking a hit on the back of lower memory prices, as they were down 23% for the third quarter. going forward, the news is in
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great. samsung is expected continue even -- losing market share to chinese rivals. phone shipments are expected to have fallen for a second consecutive year, the company coming under immense pressure from xiaomi and manufacturers out of china. things could get even worse, because the company's warning of challenges in 2016 to maintaining earnings guidance. good news for investors. samsung is planning to go shareh with $2.5 billion buyback between january and the end of the month and april 28th. this is the second part of the buyback the company announced,
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vowing to invest pressure to return value and placate foreign investors.they have been very unhappy with the company, looking through numbers that dropped today they will not be pleased either. rishaad: thank you. let's look at one of the earnings after hours. mark zuckerberg with a big smile on his face. we will look at other stories making headlines. here is juliet. very big smile. we think mark zuckerberg may have actually recouped in one night, the big spike in facebook share price, when he lost last year. share price soared in 12%,-hours trade off, over after they delivernoarter of ret estimates. fourth-quarter sales rose to $5.84 billion with 80% coming from advertising on mobile
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devices. revenue from asia jumped 19% from the prior quarter to $846 million. that is even though the social media site is than in china -- banned in china. facebook itself now has 1.6 billion active users logon at least once a month. back up overes $100 in the after-hours trade, but they have been under pressure this year with the broader markets. the bank of japan is being warned of irreversible damage to the economy if it fails to rein in the yen's world facing rally. they start their latest meeting today. policymakers need to step in following the six-month rise. that biggest brokerage says the central bank must act to prevent corporate gloom from slowing investment and wage increases if the exchange rate strengthens beyond 115 to the dollar.
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policy will be handed out tomorrow, and only six out of 42 economists we have surveyed at bloomberg say an expansion of asset purchase is being announced this week. most expect a boost to stimulus with goldman sachs calling for april. finally, let's check fortis q metals afternoon session in sydney. up by about 5%. $1.15. quite strong at they are beating production expectations. the shipment more than 42 million tons of iron ore in three months at the end of last year. now is an increase of 3.8%, and cost fell to a record low. they continue to address the debt burden, purchasing $750 million of debt.
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--y have also maintained shares in the fourth biggest iron ore miner have struggled to recover since the global financial crisis, and as iron or prices trading at less than a quarter of their 2011 peak. down 76% over the last five years. rishaad: thank you. hopefully we will talking about -- to the cl in about an hour. also, talking to the philippine finance secretary on the latest gdp numbers. that interview coming up around 40 minutes from now. right after this short break, we had the nobel laureate michael spence joining us to talk about china's slowdown and the impact on the market. ♪
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rishaad: let's hope take a look
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at stories making headlines with the china resisting u.s. pressure, but tougher sanctions on north korea, agreeing they need to pursue a new resolution of the un security council. washington wants beijing to halt mineral resources. china has working to resume nuclear talks with the north, something john kerry says america supports. china says it will not be swayed by specific events or the mood of the moment. theington has criticized outgoing president of taiwan over the disputed islands in the south china sea. they intend to large -- land on the largest also claimed by beijing and hanoi. they have largely been on the sidelines of the maritime arguments. chinese artists i huawei has added his voice to protests about denmark's refugee policy by pulling two exhibitions of his work. he says the decision to seize
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money from migrants to pay for the cost was unacceptable. human rights activists say the new rules are degrading for people who have fled war-torn poverty, and state that the rules should apply to danish citizens. 2400 journalists around the world, this is bloomberg news. now to the agent global annual conference underway, with a demon toward a new economic order. david inglis is at the age of global dialogue -- asia global dialogue. take away. david: thank you. an absolute privilege, great to be joined right now by the chairman of the academic council of the asia mobile institute. also, the 2001 recipients of the nobel prize in economics, michael spence.
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thank you for your time. i was listening to your speech a few minutes back. a lot of thought running the risk of sending to pets to make pesmistic, but we have to rested. everything is not well. guest: it is not. there is a lot of what i call traps and constraints. we need more public-sector investment, lots of countries have gotten themselves overleveraged. they say they cannot do that now. got private sector investment, below the optimal level. there are lots of things that need to happen that are going to take some forceful policy intervention, and in some cases, creativity. david: when it comes to china, and obviously that will be a hot topic of conversation, what is your assessment on how they are handling the transition? that seems to be, for whatever reason, suddenly getting a lot of people worried. it has been there for over 10 years now. i think by and large, the
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chinese are handling the transition quite well. it's not complete. there are some important decisions to make about state innovation,rises, about a lot of things. there is a fair amount of work to do on the financial sector as well. but i think what you are seeing is sort of a lack of information outside of china, so people who are close to china think the transition is going pretty well. outside people think maybe it is collapsing, or the markets are going to go crazy. so we are getting more volatility than the underlying economic reality justifies. to lack of goes down information. do you think are not , let whating well they want to do with the renminbi? guest: they are on a learning curve. i think they know the communication has been -- you
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know, probably not a surprise. this is relatively new. it was a controlled appreciation before everybody knew it. but now, you can create a lot of uncertainty and volatility. they are starting to communicate better. do you think they realize it will be beneficial for them as well to be more transparent and how they outline -- in how they outline what they plan to do? guest: in general, i think they are starting to understand. the markets have gotten so big, open, that you cannot control it anymore. they can influence it with reserves, but you just can't the globalbully capital markets are you have to make a transition and learn to play the game, and transparency as part of that. david: do you think we are past the halfway stage of this transition from exports to one that is more domestically driven?
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guest: i do. it is a tough transition for big., because it is and the rest of the global economy is nine great -- not in great shape. that takes away an important growth engine, the manufacturing side of the economy. it is weak. that means the reliance on domestic demand, household income, the nontradable side of the economy and services is greater than it has been for the peta sisters. -- predecessors. i would say is about halfway done, but there is an important set of decisions to make about longer run supply-side issues. david: we are halfway done with this interview. hold that thought. i want to get your thoughts on where we go from here, with the economy will look like in 10 years. we will be back in a few minutes, live from the hong kong university. we will continue this conversation on where china goes from here. that is what really matters through everything else. "trending business," is back in
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a few. ♪
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david: we are back at the hong kong university, for this ongoing dialogue. the 2001ed by recipient of the nobel prize for economics, michael spence. let's pick up where we left off. i want to get a sense, 10 years from now, china will be a much bigger economy than today. what do you think is a sustainable and realistic goal at that point? have ai think china will per capita income of $20,000, which puts it in the high income advanced country category. david: if they get there. guest: if they get there. you could always have a sudden stop. that can occur anywhere.
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but it is likely. the question is how fast. is it going to be 5%, or 6%? but when it gets there, realistic growth rate for a developed economy is like three per 5% -- 3.5%. david: in that sense, the middle income in china, we are approaching gdp per capita levels that we have seen a lot of countries get stuck. is that are relevant conversations have? guest: i think it's unlikely in china. a lot of people who hid the middle-income trap were ones that did not see what is coming, and did not understand the magnitude of these structural reform asian's change the growth aking them to the next level. the chinese policymaking community is completely well briefed on this, and they are implementing. they areomplete, but amending it sent a policy that will support the transformation -- implementing a set of
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policies that will support the transformation. david: you are moderating a panel on growth later on in what is a viable alternative to gdp? in a lot of instances, it has failed china miserably -- health, the environment, wellness. guest: and they have failed in other places as well. is gdp what replaces gdp and. and" i things that are distributional issues, environmental issues, so on. it is multidimensional. like in the corporate world, the dashboard. if you want a quick picture more complete than a single number, don't replace it with a single number. replace it with 10, easy-to-understand measures where you can track performance and progress. i think that's the direction we are heading. david: exactly. in my opinion, it doesn't exactly give you the best
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measure of prosperity when the economy is getting -- you can talk about wealth creation, but when people get rich, all they want to do is get out of the country. what are your thoughts? guest: it really depends on the environment. some people take their money out because they are scared. some people take their money out because they don't want their kids to get sick. this is not unique to china. we had a time over the christmas break in italy where they wouldn't allow people to drive cars in the middle of the day, because the air quality was so bad. these are issues we all have to deal with, is the bottom line. in the end, what you want is not just multidimensional measures, but you want policy direction focused on goals that are set with respect to those measures. they often say, you act on what you can measure and see, so the purpose of the measurements, are
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to jump start a process of a more balanced approach to high-quality growth. david: very quickly, final question. about the fed. do you think they moved to quickly? guest: some people think they moved too late, that we should have started this earlier on, and fear that they are raising interest rates into an economy that is declining. theyo, i think on balance, moved about the right time and they just may slow down if things deteriorate in the american economy. david: dr. spence, thank you for your time. great insights. the nobelient of prize for economics. dr. michael spence, back to you in the studio. rishaad: thank you for that, david. 24 minutes ago we got data out of the philippines. it was gdp at 6.3%, ahead of what the economists were predicting. let's get analysis over to manila, jp on is with us. what has driven growth this time around?
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it was expected to be 5.9%. it was much better. is a welcome surprise, particularly before the quarter gdp data at this .3%. in fairness, the budget for jerry here did say that he was bashed secretary here did say he was facing fourth quarter gdp growth and a comfortably did. it also was revived to 6.1% yesterday -- revised to 6.1% yesterday. some people think that is what moved the market. however, 5.8% growth, it beat estimates. however, it is significantly high,than 2013's when the economy grew. there is a question of whether or not the philippines can sustain this high level of growth in the coming years. rishaad: that is just it. maybe higher than pple are thinking, but still slower than
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the senate percent levels of couple of years ago. -- 7% levels a couple of years ago. is there underlying concern? reporter: i think there are a handful of concerns. for one, the belief is that the philippines is more well-placed to whether the stock. they are unique as a southeast asian economy. mainly consumer driven. by the looks of it, household consumption is still growing at up.althy take, 6.2% i think there are concerns regard to infrastructure demand. the government did ramp up a lot of infrastructure spending in the last few quarters. they did public spending, went up by 9.4%. they also increase the budget for infrastructure to about 766 billion passes -- pesos. however, think the question is
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that they have maintained growth rates, however it is in view of all these constraints about infrastructure, and the government. rishaad: thank you so much. joining us from bloomberg tv philippines. ♪ the only way to get better is to challenge yourself,
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and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around.
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rishaad: a look at our top stories. stocks advancing, reversing early losses after the fed warning about new risks to the u.s. economy. japanese and australian shares are positive. since theement december interest rate hike. officials were closely monitoring developments from china to europe, as well as the oil price slump. the philippine peso strengthening. the fourth quarter gdp growth beating estimates.
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greatest pace of the year. they are putting it down to increased government spending and strong domestic consumption. facebook soaring 12% in trading in overnight trading. warrant than 1.5 billion users log on every month. facebook continues to sell more targeted ads across its spectrum. we are just getting the japan lunch break. let's look at what is moving the markets. things are looking a little bit dicey and the rest of the world, but we have equities retracing losses. yvonne: we did see the selloff in the u.s. overnight. in the asia-pacific, shanghai really gyrating all morning. down 7/10 of 1%. it was slightly in the green half an hour ago. right now, the philippines
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stock, paring losses we saw the start of the session, just half a percent down after fourth quarter gdp numbers. the statistics authority commenting on this on government spending, which rose, investments roast 13.5%. they acknowledged external risks remain but they expect higher growth for 2016. nikkei 225 up 2/10 of 1%. aussie stocks, up two thirds of 1%. shanghai stocks really, third day of losses. this could be the longest losing streak we have seen in a while, and we will continue to monitor that because it is gains and losses. samsung, the stock really weighing on the cost be -- ko spi, but pretty much flat right now.
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net income on fourth quarter missed estimates big-time. let's check out movers in hong kong. hang seng rising. affiliate financial is said to be looking into a fund-raising round that could value the affiliates at 5.5 ilion dollars -- 5.5 ilion $5.5 billion. casino stocks rising in hong kong also. i know pack up 2.6% in hong kong right now. sinopec up 2.6% in hong kong right now. 3.1% oil output, falling
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on year. we are seeing shares rising in hong kong today. rishaad: thank you. china on the up despite the paring company, las vegas sands, seeing fourth quarter sales dropped 16%. the world's biggest casino seeing a but it -- a bit of light at the end of the tunnel. analyst timg praeger. you have talkined diverging fortun in macau. reporter: indeed. ordera very interesting for las vegas sands overall, most notably for sands china. if you look at the overall numbers, it looks like a disappointment. but if you adjust for the quarterly luck factor we talked about from time to time, and dollar, thateak
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actually exceeded expectations at the parent company. first ends, china specifically, sands, china specifically, they were in line if not better for the city if you look at the mass-market. even that they are facing new competition right next door from studio city as well as galaxies expansion earlier last year. it is pretty impressive. if you look at the profitability, interesting , even theirs china down margin with a record level. revenues have come down, they have implemented cost controls. they are running their business which is mass-market oriented. pretty effectively, given the challenges it had. rishaad: what about the parisienne, the progress of this new resort? reporter: certainly quite critical as we look over the course of 2016.
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for macau overall, sands china specifically, the parisienne is importantly, ontrack. conference call earlier this morning about a september october launch. they are already taking some of the furniture and fixtures and whatnot. you don't do that unless you have progress and see the light at the end of the tunnel, so to speak. certainly this runs a little counter to some of the delays, and it appears that when the cow macinues to be -- one continues to be plagued with. rishaad: very quickly, if we see a rebound, when is ilikely to happen? think we are already in the eye of the storm for this inflection. if you look sequentially as opposed the year on year, the number was up a smidge on the fourth quarter.
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mass has been flat for two quarters. we think momentum built into the first of the second quarter this year. rishaad: thank you for that. -- reports of a takeover strategy. foxs go to bloomberg news, offered to buy sharp 41 $.6 -- for $1.6 billion. tell me more about that. they are getting involved. i'm sure they are putting their money where their mouth is. reporter: they're very serious about it. one of the key strategies so many players involved,. the shark management, board of directors, shareholders, and the government. important.ks are
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as part of structuring last year, the banks got ¥200 billion of preferred shares. they said that they will buy them for you. that was then going to the banks and thing we are willing to help you out and share the burden and show that they are keen on it. by making that move, they are winning over that support from the banks. that is key in foxconn's mind. they hope that it is the final bid for sharp, because they are competing. he normally gets what he wants. they are not the only ones in the hunt for this. some others had the backing of the japanese government. that probably helps in quite a different way. reporter: the leader of is very
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displeased with the act -- attitude that afternoon of the -- attitude that the japanese government is taking. his feeling is from his negotiations and talks, that they japanese government is weighing in heavily and everyone involved is weighing towards we want to go with the japanese solution, rather than getting terry or that i involved. taiwanese involved. is, does thething winner walk-off with a poisoned chalice? reporter: that's a good question. this is a company in trouble. there are betting that the fundamental core technology can be a benefit to foxconn. he can turn sharp around, and foxconn movep
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forward. that's what he's betting on. rishaad: thank you very much. let's check on othertories. shareholders of singapore commodity trading are expected to approve for a cultural business trade bringing $750 million, used to pay down debt. pushback delivery of the first widebodied a350 for the middle of the year. it's business proceeds are not ready. they are made by zodiac aerospace. they are struggling to meet demands. be company was expected to used in hong kong by the summer. lender is taking part in fund-raising that will billion -- a $500
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value it at $500 billion. nkbank and alibaba's my ba chasing the home loans market, one growing rapidly. bragging rights as the world biggest carmaker. the leads could be getting bigger as it considers buying the rest of what it does not own. helpill this deal actually them? they have real specialties in many cars here in important excels in markets in southeast asia, namely indonesia and malaysia. you have this company that has real strength, that contributes in a big way to tell yoda.
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but you -- to utah. he also had challenges in the minicar market within indonesia. on the horizon, you have japan weighing a bit tougher treatment tax wise on many cars in the future. there are real questions about whether many cars are a healthy sort of business for japanese carmakers to be in in the first place. you also have in indonesia, a challenging market. you may recall, headlines earlier this week that ford is going to be pulling out by the end of this year. the theory here is that t oyota, by taking over the rest tsu, that it could navigate the challenges going forward, including finding ways to execute better on plans for increasing sales within daih atsu. rhaad: we were talking about this yesterday.
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tell me something, nobody has talked about how much this is going to cost toyota. reporter: right, is probably in the range of about $3 billion, which is chump change for to yota. it is roughly about half of the company that it doesn't own. you had seen the shares jump yesterday by the most in's 1999, about 16% gain. today they are up about 3% at last check. the shareholders are looking at this as costing. toyota roughly the amount lasttsu was valued at year. it is pretty reasonable for toyota to make a deal like this. rishaad: thank you very much. today,ave been reporting
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we have been looking at the philippine economy, we saw it grow the fastest rate in the year last quarter. the government boosted spending and domestic demand is strong. joining us from manila is the philippine finance secretary. thank you very much for joining us today. a big surprise, a big boost for you guys here. what can we put it down to? guest: good morning. i think we showed [indiscernible] the average has been 6.2%, which is the highest we have had in 40 years. the reason for this is sustained and dependable consumption. at the same time, increasing the investment. for example, in the last quarter, an increase of about 13.5%. the important thing is the role of services.
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export growthh, in the last quarter, was over 30%. --was led by terrorism tourism. 2016, it will be about equal. oft will bring in an excess $50 billion. this means we can continue to fund consumption. we can continue to fund investment in infrastructure which is good for the future. rishaad: what are we looking at for the rest of the year, and how does that also change monetary policy? guest: i think if you look at
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the workers, i think we have shown it is on an upward trajectory. we are going toward an election. i think in the next year, i would be cautiously optimistic [indiscernible] in 2015. rishaad: you already said about how you wanted to reduce dependence on remittance. it is hard to crack. if i'm talking to you this time next year, what are we going to be talking about in terms of remittances, in terms of percentage of money into the country? less: increasingly, it is overall. 's have been growing
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dramatically. remittances ind terms of amount. increasingly, with improving tourism, the country is becoming a third strong leg. many know the philippines is one 's --countries, and we have been working on this. remittances are important, but we are increasingly diversifying the source of foreign exchange of the country. rishaad: thank you so much for that. that is the philippine finance secretary, joining us from manila after that blowout gdp growth number for the fourth quarter of last year, 6.3%.
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the economist calculated 5.9%. coming up, vietnam'communist party wrapping up congress. we go over to hanoi for the details, after the break. ♪
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reporter: stories making headlines around the world. as korea says the north may be preparing to fire eight long-range missile. they say they are monitoring the situation closely. however, they gave nor additional details. they cite sources in the japanese government saying analysis of satellite indicate preparations for a lunch. japanese prime minister shinzo abe has backed the economy spokesman over allegations of misconduct. they say that he will explain. they will expect another news conference to address claims he
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and his rick perry took more than $100,000 in undeclared donations -- secretary took more than $100,000 in undeclared donations. did promise a detailed explanation after reviewing the facts. the vietnamese communist party theformally reelected general secretary for a second term, cementing his hold on power until 2020.officials say the deputy pm will be promoted to prime minister, and the current public security minister will become president. the conservative is pro-china and will try to cope really -- tread carefully on territorial disputes. this is bloomberg news/ . rishaad: getting more on vietnam's communist party hanoi.s live from hand
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what does this mean for the country going forward? reporter: perhaps the overriding message is the sense that while there was intense political theying behind-the-scenes, were two camps of the so-called reformist camp, led by the prime minister and the more conservative wing of the party led by the current general secretary party chief. in the end, it was a very peaceful transition of power. i think that is something very reassuring to investors and foreign companies, and vietnam is reaping the benefits of that. last year, it recorded a record number of fdi coming into the country. it was about 14.5, billion dollars up more than 17%.
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even though the knives came out behind the scenes, vietnam was able to make a transition in power and do so peacefully. rishaad: i guess what we could ask is about the prime minister and his influence over the government. doesn't disappear after he leaves his post? how does policy alter? thet: reporter: searchingly prime minister -- certainly the prime minister is a dynamic and forceful leader. he has dominated everything for the last decade. as he wraps up his second term, the question is what will the government look like without him? is officially stepping off the stage, he has many loyalists who has been appointed to the 5 -- powerful central committee, including his son. they will be keeping the pressure on the general secretary, and the new leaders, to continue with the policies and the direction he pursues. rishaad: thank you very much,
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joining us from hanoi as we get a change of leadership there. much more on the way including a is "trending business." ♪
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rishaad: this is "trending business." it does seem as google has been taking an interest in an ancient
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chinese board game just to prove a point. reporter: yes, that machine is greater than man. google has been following the path of a self driving car, and facebook hasn trying to beat for quitealled go some time, but google has eaten them to the punch in the latest ai venture. beatorld champion, they them in 499 out of 500 games. the player has a choice of hundreds of moves compared to 20 interest. -- in chess. whatng forward in terms of the ai could actually do, let's look at that twitter reactions. one person saying, let's be where the machines are coming. coming, aes are
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google ai program beat a human champion at the most complex game. it is worth noting that the ai go is going against the world champion in seoul. another twitter user saying, it is not about a game but ai in the future. bitter,son, a little but i guess the sarcasm coming through, saying the day we can note longer beat our phones the day we called donald trump president. rishaad: that's it for "trending business." we will be recapping the big stories of the day so far. ♪ the only way to get better is to challenge yourself,
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and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. because we should fit into your life. not the other way around.
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♪ >> from our studios in new york city, this is "charlie rose." charlie: we begin with politics. nine presidential candidates have six days to go until the iowa caucuses. a new fox news survey shows hillary clinton ahead of bernie sanders by six points among iowa democrats. donald trump maintains a commanding lead over ted cruz and the rest of the gop field.


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