Skip to main content

tv   Asia Edge  Bloomberg  May 3, 2015 11:00pm-12:01am EDT

11:00 pm
to marijuana, the length some zombie companyless go to just to stay alive. also on the show today, calls for a rematch. pacquaio fans demand another shot at may warge after the heartbreaking loss in vegas. we will check the mood in manila today. good morning i'm keeping an eye on the markets this morning. asian stocks reversing gains we saw after the chinese p.m.i. coming out as angie mentioned. shanghai swinging from gains and losses. very volatile morning here. quick stirs, 1 1/2% about an hour ago and now back in positive territory, up about 1/5, hang seng fractionally up as well. here are some of the movers here today. world holdings -- wharf holdings and new world division doing well for themselves. talking about the aussie dollar
11:01 pm
fourth day of declines and after the chinese manufacturing guide we saw it continued to drop about 78 u.s. cents. about four days ago it was about 0.8 u.s. cents there. it has dropped quite a bit. economists and traders believe the r.b.a. will cut interest rates to a fresh record there just 2%. it's priced in about 76% that they will lower benchmarks to the 2% fresh record lows. analysts say aussie has the potential for a pretty volatile week. angie? energy thanks, yvonne. more weakness on the factory floor in china with the p.m.i. coming in below forecasts. steven engle crunching the numbers. what does this tell us? steve: worse numbers since 2014 for hsbc. manufacturing economics p.m.i. 49.9 expecting 49.4, so .5 -- not a percent but you know what i mean five basis point bees
11:02 pm
low that. march was 49.2. new orders, this is a key number within that p.m.i. declining the most in a year. the official p.m.i. we got on friday showed stable stabilization but still 50.1 is right there at inertia, just about. not contracting, not expanding. and we're geling from economists expecting another rate cut perhaps the third since november in the pipeline. a lot of chatter on social media that can be coming in a matter of days, perhaps this week. i want to read you the key statement from the hsbc because this is it in a nutshell. new orders declining at the strongest pace for a year while production levels stagnated. data suggests relatively weak domestic demand is the main driver of reduced new business as new export work picked up in april, albeit marginally. export orders seemed to pick up a little bit that's encourage but domestic demand is the bugaboo, it's the weakness.
11:03 pm
energy experts picking up but that's been the case all along and what's driving the chinese economy and leadership want it's to be domestic demand as you said. so how are they going to stoke that? more easing, more stimulus to come? stephen: kind of flies in the face of the efforts to rebalance the economy and yes, there's a lot of talk about further easing, rate cut perhaps, from the central bank. maybe triple r for banks reserve ratio requirements. also the tool pledge supplementary lending program p.s.l., much more targeting as well they can get easing to favored or select parts of the economy. as they have done in the past injecting billions of dollars into various select parts of the economy. but very much likely a rate cut coming shortly as one of our guests, lily from a.m.z. bank said. he wasn't going to go on a limb sane it would happen this week but it's being considered.
11:04 pm
energy thank you, steve. other stories making headlineses, australia security regulators said it found no evidence of misconduct in sharp movements in the aussie dollars just before this year's three interest rate announcements. the asic investigation continues but official findings show what it calls normal operating marks behind the currency movement. chinese millionaire jung is still shopping his investment units. folks on internationals planning to merge with bermuda based ironshore. fosun will pay nearly $2 billion to buy the shares it does not already own. they lipet blot club met and stake in cirque du soleil. warren buffett has spoken about the type of candidate who should eventually replace him as brook shire hathaway c.e.o. saying they need a significant array of skills. the 84-year-old said his successor needs to be more than just the stock picker but he would accept someone with operational investing experience. buffett was speaking at
11:05 pm
brookshire's annual meeting in omaha, nebraska. greece continues to make headlines. four days of marathon talks have left the government and creditors still very much far apart. with key deadlines looming, specter of default grows ever closer. zeb has the latest on this long-running drama. what do you think is going to happen this week? more critical than ever right? zeb there may not be breakthrough but it is a critical week and we are seeing significant steps forward already. in the latest rounds of talk, had that continued through the weekend and will resume later today. greek officials in an e-mail statement saying brussels group made significant steps. those comments echoed by e.u. official, spokesman saying that the talks were done in a constructive spirit. that indicates people are talking perhaps in more adult tones and certainly they need to because the clock is ticking. greece faces the end of the month deadline basically
11:06 pm
default. that is the end game if it cannot cover its obligations. it has imminent bills here. it has a $200 million euro payment to the i.m.f. due on wednesday. a key e.c.b. leading the same day and, of course, it has the larger $840 million billion on may 11 that's due to the i.m.f. major obligations and as of now sources telling bloomberg it has enough cash to get through the week. angie: asian development bank stepping in saying this threat is actually hurting trade relations. what is this? zeb: indeed. the chief economist telling bloomberg asian company perhaps more cautious now as they talk and look for european partners, talk about existing partners and look for new business opportunities. not necessarily with greece in particular but with its neighbors. because of the peripheral impact this could have on euro zone countries. greek's exit, if it happens, would plikely be managed to the
11:07 pm
best extent possible but it's a scenario, end game that none of the troika, bad word that that is e.c.b. e.u., and i.m.f. officials and greece itself want to see happen. energy absolutely. all right, zeb thank you for that. greece's talks with creditors have produced little progress but instead professor antonio fatous remains optimistic. >> it's very hard to be optimistic given what we heard. i think what the greek government wants, what the european partners warrant are two very different things and only possibility of an agreement at this point is both sides get so scared of the possibility of crisis that they're willing to do a cam pra mize which in many ways will be to kick in part of it down the road not a real compromise but some solution for the short term. energy blackrock's rick reeder told us greece still has a long way to go.
11:08 pm
>> greece, we think potential for better talks this week. that being said, greece has large payments coming at the end of june, beginning of june through august. we think there will be a back and forth with risk of capital controls as there's certainly a risk they will take a referendum. we don't think you're out of the woods with grease vonltility will continue around that. i don't think ultimately that greece exit is devastating as people think but the headlines will create volatility no doubt over the coming weeks and months. energy there are those who see uncertainty in greece affording opportunities elsewhere. >> we know that the payment risk is on the rise. if we continue to create volatility in the markets that is anything we think this would be a great opportunity in europe. the reason is simple you have a vezz good q.e. in place.
11:09 pm
and the largest banking sector out of greece so there's no direct correlation to the rest of the credit cycle or credit system in europe. angie: and that's today's word from asia on greece. still to come on "asia edge" -- manny won. he did? many in the philippines refusing to concede their homegrown hero was out fought. we to one high-profile sue port later on. up next, chinese manufacturing sector weakened further than originally thought in april. more on that when "asia edge" returns.
11:10 pm
11:11 pm
>> checking some of the stories making headlines around the world. the number of people killed in nepal has risen to 7,250. at least double that number are injured and both totals expected to rise as remote communities are just now being reached.
11:12 pm
more aid and equipment is being flown in although nepal's only international airport has been shut to big planes. katmandu was built to handle medium-sized aircraft and heavy freighters carrying aid damaged the runway. the italian coast guard said nearly 4,000 migrants were rescued in the mediterranean sunday as good weather and calm seas persuaded more people to attempt a crossing. the flood of migrants shows no sign of abating. last year 170,000 people were picked up. that's a 280% increase on 2013. last month 800 people drowned when their boat capsized off libya. the victims had been locked in the hole. and remains of the last two unknown victims of the malaysian airlines disaster in ukraine have been flown out. mh-17 was shot down last july over separatist parts of eastern ukraine. all 298 passengers on board died. ukraine and west blame
11:13 pm
surface-to-air missile fired by pro russia rebels while moscow said the plane was attacked by a ukrainian air force jet. time for a look at the big events this week. busy week including shome announcing a new flagship smartphone. mi 4 made its debut and k sifment aomi are hoping to take market share from apple and samsung. on friday we will get more on the situation in china with trade figures for april. exports unexpectedly slumped the most in more than a year in march. and they want to know if that's a blip or if there's a trend forming? and also see the latest act in hong kong's double murder drama.
11:14 pm
former b.o.a. employee judding is back in court accused of killing two young indonesian women at his apartment last year. he could be jailed for life if convicted. we have seen further signs of weakness in chinese manufacturing with hsbc april p.m.i. coming in below estimates. so will policymakers step up stimulus to shore up growth? let's get the view of asian's mark tinker, a,x,a, a,x,a,. the data throwed through, any surprises for you? >> not really. i do think the important thing about china is it's a $10 trillion economy and if they are grown anywhere near 6% or 7% we would not say this is a slowdown. we would say it's going far too fast and there needs to be global inflation. i think we need to adjust our expectations about china and not obsess about whether grow is 6 or 7 but where is it going? is it shifting away from manufacturing towards consumption, which is long-term
11:15 pm
trend? what is the government going to do about it? energy and that's what leadership is saying it's not about the quantity but quality. unfortunately the quality right now seems like the jury is still out. >> again, it goes back to what is your policy going to be? that's what we are trying to understand and will the government come in and let's have a quick stimulus to boost manufacturing or exports? people saying are they going to do something to the currency? i don't believe that. i think they have a pretty clear five-year plan, to rebound the economy and central part of that in hong kong and financial services is big bang. in china financial markets. those are part of the initiatives we want to be focusing on. angie: if we're going to focus on that, what should we expect to see in china from presupposed currency manipulation? obviously they have a strict trading ban they kept under control. they have to ease that up in the coming months, no? >> i'm not so sure. they don't particularly want to
11:16 pm
stimulate exports. they want to attract international capital. worse thing can you do if you have international capital coming in suddenly devalue the currency. it's much more important to have stable currency, to get international capital flowing because they are, we must not lose sight of this moving towards freeing up full convertability of the r.n.b. some people say that will be five years. some people saying three or two. but whatever it is, that's the focus for us. and when the r.n.b. is fully converted and there are discussions going on with the i.m.f. suddenly the international investor is looking at the market that is now the second biggest market in the world by market cap where there's no exposure, where there's an awful lot of activity going on, 24 i.p.o.'s enormous unwinding of the sort of balance sheets to go to, institutional worthy long-term bonds. enormous activity and most international investors are not yet participating.
11:17 pm
angie: not yet but starting tofment retable vesters interest in hong kong e.t.f. have been exponential. where do you see growth for h shares? they can all come here if they want exposure to china? >> that's exactly the case has hong kong dollar is fully convertible. what we saw with that opening up between the asia and h.r. is they enabled domestic to start investing gorkts the arbitrage to bring the h up to a rather than drag it down. if you want to get exposure to china the h.s. still offers better value route for the international investor and that's what we are starting to see with the e.t.f.'s and in a similar way we saw it with japan. when japan started restructuring, first thing that happened is hedge funds went in and second thing institution investor said i am going to reduce my risk by buying japen.
11:18 pm
sounds odd because of the waiting. japan moved in line waiting. i believe the international investor is saying, i'm going to start to get exposure. i will go via the h. i really want to get involved, when is the shenzhen connect going to open up? when is going thoop with the mutual recognition launched in hong kong to sell to those institutional or large retail investors wanting to buy mutual funds? angie: what is another creative way to get exposure to asia? could it be a.d.r.'s? could it be -- >> there are the foreign currency rates and a lot of people had 10 cent in their global funds for years and that played through in through the internet. i think what really is going to happen is you're going to get the thumbs industry is going to use the connect to actually give you exposure selective
11:19 pm
exposure, to those -- to those h-shares if you like. i also think the international investor is very wary, obviously there's a history about it there, until they found out the money wasn't there. i do think -- sounds like it's my own book here, but you need to be more stock specific and outsource a little bit more to people who are going to do the due diligence for you. it's a steady but slows process. angie: to your point the credit concerns are still there. >> again, see, i would also say everybody is scared about china's debt. we are told it has $28 trillion debt. i would turn my head sane that's $28 trillion of asset that's can be securitized and sold into an international investor. angie: they are starting to do it. whether or not it's palatable. >> if you're in italy and lending to the government almost nothing p. whereas looking at maybe local governments in shanghai would you rather a
11:20 pm
yield from the shanghai local government bond or pay the germans to lend money? angie: that's a good segue to when we talk about grease and europe and all of those concerns that as you say is playing bond markets. mark, stick around, mark tinker there, a,x,a framlington. up next -- from mining to marijuana what zombie companies will go to to just stay alive. we will take a closer look when "asia edge" returns.
11:21 pm
11:22 pm
11:23 pm
angie: welcome back. you're watching "asia edge." some stories we are tracking for you today. uber is facing another bump in china after it was raided as part of a crackdown on taxi hailing services. uber is suspected of illegal business activities and operating without a license. china had ruled car hailing software should differentiate their services from taxis and public transport. australia's biggest power producer is going head to head with elon musk. a.g.l. will offer a battery to challenge tesla's latest model. prices have not been announced but a.g.l. said its cells will have extended warranties and financing to make them affordability. and it is a myth for westpac, first half profits came in below estimates under $3 billion as
11:24 pm
earn eggs from the treasury unit dropped and lending margins narrowed. the company had been trying to boost revenues. currently trading 3 2/3% down. penny stocks are often considered the walking dead of the investing world but they have one valuable asset -- a stock exchange listing. the commodities downturn in australia, an increasing number of so-called zombie companies are turning to reverse listings to survive, including a minor that giving up dig -- miner giving up digging to grow marijuana. paul allen has more. paul: a story to delight hippies everywhere the company that stopped doing this, to start growing this. as australia reconsiders its stance on medical marijuana struggling capital mining approached u.s.-based nutra works for a lifeline. take over the company's a.s.x. listing and take the gold miner into the cannabis business
11:25 pm
zfments we have the technology and infrastructure to role out a program in australia to meet patients. there are a lot of resource companies in australia that have not done well because of commodity prices for resources. so those companies are available for reverse takeovers. >> mutual x sent the only company to enter through the backdoor. last year there were 30 reverse listings, up from 19 the year before. that's when the a.s.x. lowered the minimum stock price for reverse takeover from 20 cents to less than 5 cents. throwing open the doors to so-called zombie companies to be reborn as something new. last month whilst wireless meter reading service i.n.t. became aha life. and failed prime minerals reinvented as data security form covata and former nickel miner resources, the one page.
11:26 pm
it's provided a surge in business. companies that hope with the pape spers work compliance for the backdoor listing process. >> probably since the middle of late last year become noticeable we're getting sometimes one inquiry a day and mostly not from australia, which is interesting, but from southeast asia and notably singapore, hong kong, and malaysia but any other country you could imagine saudi arabia mongolia america, canada. paul: as for capital mining, it expects to be trading on the a.s.x. with a new name new product and new future by early june. paul allen bloomberg, sydney. angie: more on that story pick up this week's edition of "bloomberg business week."
11:27 pm
11:28 pm
just because i'm away from my desk doesn't mean i'm not working. comcast business understands that. their wifi isn't just fast near the router. it's fast in the break room. fast in the conference room. fast in tom's office. fast in other tom's office. fast in the foyer [pronounced foy-yer] or is it foyer [pronounced foy-yay]? fast in the hallway. i feel like i've been here before. switch now and get the fastest wifi everywhere. comcast business. built for business.
11:29 pm
>> the top stories. the figure was the lowest significantly lower than 50.1 on friday. it is also the sharpest contraction in a year. beijing pledge whatever is needed to counter slowing growth. competitors have left the sides far apart. sources say there are deep
11:30 pm
differences on the fiscal outlook as well as asset sales and labor retention. australia upon security regulators said it found no evidence of misconduct and sharp movements of the aussie dollar just before the free interest rate announcement. an investigation continues. let's get the latest on the markets. any moves? >> it seems like a little better. asian stocks are back in positive territory. the number coming to 48.9. contracting faster than expected. it seems like investors seem pretty confident about this rally. they are up 810 -- 8/10 of a
11:31 pm
percent. we are talking about big movers today. he is strong and dollar continuing to extend its losses for a fourth day. let's take a look at some of the big movers. the property developer in china extended all-time high above 10%. volume is 48% greater than the average. the year to date gain is impressive. 153% up. analysts say it is because of the property market. this after several -- they visited several cities. april new home sales rose according to reports.
11:32 pm
one of the largest oil services business said the workload has deteriorated. shares down about 9%. they said the second half earnings will fall about half of what they saw for the first half of this year. they said they reduced the work due to falling commodities. the company get 70% of its revenue from oil and gas. one of the topmost sold stocks in the hong kong shanghai stock. quite a bit of movement. let's talk about china oil companies, because we are seeing there may be top executives, changeup in the leadership. petro china up about 2.4%. sinopec down about 4%. >> thanks for that. china's oil and gas giants may
11:33 pm
see increases. let's bring in christie in. what are we expecting? >> i think changes at the top oil and gas companies in china. the chairman will be replaced. in turn, the current president will step up to become chairman and the sinopec chairman is going to be replaced by the deputy chief of the chinese academy of engineering. not exactly putting fresh blood into the mix. he was nearing retirement anyway. while they would have been allowed to stay in unspecified time after the tire meant, he announced he was stepping down.
11:34 pm
it is worthwhile to mention all three will take the helm at the parent company, but they are slated to head the listed company. no official comments but analysts do not expect a big change in direction. we are likely to hear more once the changes are official. >> what does it mean for the energy sector? >> there are a few reasons for the leadership shuffle. one is to give oil companies a fresh start. the industry has been rocked by the drop in oil prices. they have been rocked by corruption charges. the former security chief was famously influential in oil and gas circles here in china and the influence spread wide.
11:35 pm
this is to wash the slate clean. state owned companies account for about a third of the economy, and more than heard of them are actually lossmaking. it is unlikely we would see a merger because they are so vague. we are likely to see further action. it seems likely all of that is going to start with oil and gas giants. >> thank you for that. time for the corporate stories making headlines. >> a tie billionaire says he reached an agreement with the italian giant. it is currently owned by silvio berlusconi a. it may end up being listed in hong kong, shanghai, or milan.
11:36 pm
the opening weekend for the avengers sequel has been upstaged real-life fight. avengers age of all drawn took $107 million. that is the second-biggest movie debut of all time. the box office monitor says business was siphoned off by the pay-per-view boxing match between floyd mayweather and manny pacquiao. and a piracy storm after people watched the fight. the ceo described periscope as the winner from the event. hbo and showtime reportedly told twitter and its rival to take down live streams during the
11:37 pm
fight. hbo made a similar request last month over lives streaming of the game of thrones season premiere. >> millions of disappointed boxing fans are calling for a rematch after the defeat to floyd mayweather. some say maybe the fight of the century was more like the hype of the century as the boxer struggled to find a killer punch. manny pacquiao thought he had done enough to win, but the judges were unanimously in favor of mayweather. >> i did my best, but my best wasn't good enough. i would like to thank all the people who came here to witness the fight tonight.
11:38 pm
i don't want to make alibis or a reason. >> manny pacquiao carries the hope of a nation when he steps into the ring, so it's not surprising there is a cloud over the philippines today. let's check the mood with boxing fans. the finance secretary. it is good to talk to you. usually we talk finance. let's talk about the fight of the century here. how did you take this loss? >> to us manny pacquiao was already a winner even before the fight. for someone who started at 108 pounds and fighting much bigger opponents to win eight world championships, i think he has become one of the immortals of boxing, even before the fight. to me it would be a nice icing to his cake, but it was not to
11:39 pm
be. his story is one that inspires a lot of filipinos. for someone who started out fighting and then to earn $2 million a minute at least i think yesterday, that is something i think inspires so many people. i think there is a silver lining to this. >> what do you think? was he robbed? >> i think mayweather was a very good boxer. i think based on the number of punches thrown, mayweather has more punches. i think whatever the results and for a country hit by a lot of natural disasters, we are
11:40 pm
disappointed. i think we look at the silver lining. it is one of the best talks and stories in a long time. >> it is incredible what kind of draw he has not only for the philippines but around the world. the philippines police see there were no crimes reported from nine until 3 p.m. what do you make of that? >> everyone was glued to their tv. >> before i let you go, do you think there is going to be a rematch? mayweather says he is old and
11:41 pm
tired and may want to leave at the top as a winner. what do you think? >> i think it's all up to mayweather. if you ask manny pacquiao, i think we all know he can do much better than he did yesterday. it's all up to mayweather. he is a winner and the philippines are a winner for having such a major athlete. >> he is a hero to so many. thanks for joining us. coming up greece is still dancing, but can a deal be reached in time? more after this short rake.
11:42 pm
-- break. ♪
11:43 pm
11:44 pm
>> body arabia has rejected claims it used banned weapons from yemen. human rights watch said it has evidence that cluster bombs have been used at least twice in the campaign. they have also denied that they send ground forces. more than 20 people have been injured, dozens more arrested during a protest against police brutality. police in tel aviv say they were attacked with rocks and bottles. the protest was called after video emerged showing a man being beaten up by police. the u.s. city of baltimore has lifted a nighttime curfew. the mayor says the situation is
11:45 pm
now common enough to lift the restrictions. welcome back. you watch the fight over the weekend. i am not talking about the manny pacquiao fight. i think the one between the ecb and the troika is a lot more impactful as to what is going to happen. >> it has been going on a long time. was it the fault? neither are ideal. -- was it default? it doesn't end now. what do we still get for grexit?
11:46 pm
it's a big issue for the whole of the euro zone. it should make us focus on when you try to fix market whether you are trying to rig it so everyone has to buy the debt there are consequences down the line. it's not good for growth. it is in good for the stability at all. >> is the spike in yields a game changer in the bond market in europe? >> i thought that was interesting. it's almost a suspense of disbelief. if the matrix when he says there is no spoon. somebody says there is no yield. the fact is seven years in germany, you are paying the government to lend the money. when you look in asia, you can have high-quality yielding 3, 4,
11:47 pm
5%. they start to say why are we doing this? only because they think they are being forced to. then we start on liquidity. that is the real worry. every time it is about leveraged bond markets. there is no volatility. if it is safe you can gear up 200 times. that was a quote last week. 200 times. that's the most risky thing i have ever heard, it somehow these are risk-free markets. they must go into these manufacturers. >> i want to go back to greece because we had multiple people working on the technical element of getting this deal done. there has to be a team working on the possibility of grexit. do you think that is the case? ask we did hear about that.
11:48 pm
-- >> we did hear about that. are you going to have those ious you would use to meet your ongoing debts? that is the real problem. >> they won't have to spend money on physical. >> with all of these ongoing issues with creditors, it seems like the people of greece are behind tsipras. what is it going to take? >> they don't want to leave the eurozone. >> this is a list of references as to what is going on in the u.k. they say, it's ok. we will keep spending this money. some rich person will give it to us. ultimately, the rich person is
11:49 pm
going to be the creditors. they say how are you going to finance it. it doesn't matter whether they are popular domestically or not. the problem is you run out of someone else's money. >> in fairness, is it waiting for dad to bail you out? or is it a fundamental disagreement on policy that when you look at fiscal policy and you think you should be spending for growth versus austerity for growth, isn't that the fundamental divergence we are talking about? >> austerity becomes self-fulfilling. we know they didn't actually collect revenue. we are seeing this.
11:50 pm
there is a lot of claiming that somehow they are preventing the rules from applying. there is a real problem with the higher-level infrastructure that there has been no willingness to collect revenue. who is going to actually collect the revenues domestically? >> they would see for the benefit of the country you would do this. those who claim to be patriotic, i wonder how patriotic you are. >> are you going to cut pensions? >> if you have got a swimming pool you should be paying the tax. >> all of these are at stake. >> the problem is politicians everywhere don't like hard choices because people don't
11:51 pm
like hard choices. they are going to tax the houses, and that will save the national health service. apparently it is completely perfect with nothing wrong with it. it is not coming from them. they are saying, don't worry. they will have to give more money. >> take a look at all of this. take all of this into account and the u.k. election. the exchange rate does not appear to be reflecting those concerns. >> you could look at it and say, they are not worried about it. i watched the fight. apparently it is from a different per spec. it has been a bit of profit taking in the dollar.
11:52 pm
and that the market is getting approval. i think it is a dollar weakness. >> we will leave it there. thank you for that. coming up, a special report on greece and hong kong. ♪
11:53 pm
11:54 pm
>> there is risk business for the apple watch. china's demand is driving a secondary market. >> never mind the huge markup. they are stocking up to give gifts back home. >> the apple watches are more expensive in china. plus i couldn't find any. >> i didn't expect this craziness to happen.
11:55 pm
i didn't expect it would be such a hot item. i think people are going after the apple watch because it is limited supply. >> the most expensive one is for 10,000 hong kong dollars. the list price is about $700. if you want to pay almost double, you can be an early adopter of the apple watch. >> it's new. that's why i want to try it. i'm guessing i will have to pay $2000 more than the original price. >> if it is too rich for your blood, you can always go down scale for the cross-border version. they are not really knockoffs. they are more of phone on your wrist. it has a simple card. you can talk on it like dick tracy did. they come in multiple colors as well. the best part, it is just $780 hong kong $100 u.s. >> most of them were focused on
11:56 pm
the pricier apple watch. this sounds like scalping but here it is perfectly legal. that is why you see a number of different vendors lined up along the sidewalks. they are not selling the apple watch. they are buying it so they can sell it for premium on the mainland. it is less than $700 u.s. and they sell it to a wholesaler for a bit of a premium. many apple watch buyers who got them before the launch are selling them on the secondary market for up to 70% profit. >> normally i by about 10 apple watches a day for resell. i can sell about 15 or 16 watches a day. i'm not worried about over stocking. we can sell them in china, where the demand is high and will continue to be high. >> she is off to find more apple watches.
11:57 pm
she already bought six of them. >> as long as i can find them money is not a problem. >> we're out of time. that's it from us here in asia.
11:58 pm
11:59 pm
12:00 am
>> the following is a paid presentation for p90x3 brought to you by beachbody. >> do you wonder what it would be like to be in amazing shape? do you look in the mirror and wonder what it would be like to have a six pack? don't you want to have a body that can look like this and perform like this at least once in your li


info Stream Only

Uploaded by TV Archive on