breather as traders focus turns to nvidia's earnings for a check on the resilience of the ai frenzy. a bloomberg gauge of commodities easing from a 15 month high. we will get the outlook for iron ore and gold prices with the ceo of india's biggest steelmaker, gsw, after fourth-quarter profit tumbles 64 percent. plus, succession plans in focus in major middle east rivals with the iranian president's death and ill health. let's get you to markets, stops taking a breather. avril hong is on top of all of that. avril: we are seeing it asia strong market rally from yesterday driven by the surge in commodities. remember how gold and copper hit those record highs. today that asia stock rally has fizzled out and we see how even though some of these commodities are still sitting at their

highest level, they have pulled a bit lower. and in the markets, we are also seeing how investors are grappling with the speak about how loretta, saying three rate cuts this year might not be appropriate still. now we are seeing the hang seng being driven lower, it is dragged today by ev makers as lee otto missed on earnings and the nikkei is the outlier today, helped along by insurers. japanese yields, the tenure continues pushing towards a 1%. dollar-yen not helped by that. it's pretty much a dollars story. let's flip the board and take you to south korea. as we wait for those nvidia earnings, we want to focus on two of its suppliers in south korea. sk hynix and samsung. as you know, sk hynix, the smaller of the two, is really outpacing in terms of its share again this year versus samsung because of its edge in the high

bandwidth memory market. and i think investors have been concerned about that to their end. we see today in announcing its replacing the chief of its chips division. flip the board again because as you know, semiconductors in asia, not just south korea, have been seeing really strong demand. we have seen how earning trade data in the country shows those semiconductor exports. they searched 45% for the first 20 days of may. and this is leading the pack in the overall export growth. this could go some ways in helping to make the case for a be ok that keeps things restrictive. remember, it meets later this week, do not expected to change on rates. haslinda: perhaps a stronger gdp print this year. avril hong, thank you. and we have been getting another rafter federal reserve speakers reiterating the banks wait and see approach on rates.

>> i was on the record before saying the developments i've seen in the economy right now i would not think that that is still appropriate because inflation risks were moved up. >> higher than what people have known over the last decade. may be back to where we were in the 1990's and 2000's, but we will just have to see. haslinda: our next guest says it's not a question of how many fed rate cuts, but when. let's bring in the head of global market strategy, which handles more than $1 trillion in assets. good to have you with us and welcome to the city. we heard from the fed speakers, no change, no more clarity than before, so when do you expect the first cut to be? >> the best window for the fed to introduce and to announce

inflation in their monetary policy could be september. and there are two key reasons for that. the first one is, the fed will have enough data to qualify with the progress made on the inflation front, and the second reason is, the jackson hole symposium. this symposium is usually taking place at the end of august and this is the moment that all the central bankers are using to announce a new, let's say, inflation in the monetary policy. we have in 2014, introducing the kiwi for the ecb. i think that jay powell will be using this moment to say, we are now at a moment with the u.s. economy needs the first rate cut. it doesn't mean that the fed will continue to decline rates and affirm it after fomc. we have the election in the u.s. the calendar has indicated in november.

the key question is, when, september. the second could be at the beginning of 2020 five. haslinda: the key question is also whether that cut in september that you are anticipating is enough to sustain the rally we see in the markets right now. >> it gives at least a good signal that the fed is pragmatic. the fed will not -- i mean, will not stay in the situation with no a to monetary policy. they are saying that if they see any, let's say, negative development on the labor market, on the economy, they will start to lower, to ease the financial conditions. which could be another thing for the equity market to end the year with a positive score. definitely, the fed could help. haslinda: does it also necessarily mean the dollar will weaken from september? >> yes and no. if the tone of the fed is extremely accommodative, it will

weaken. however, we are not seeing anything amid the collapse of the u.s. economy, seeing the massive change in the monetary policy journey. this is why we do believe that the u.s. dollar will stay strong against all the currencies, against the euro, but also against the emerging currencies as well. haslinda: let's talk about how challenging it has been for investors in 2024, it has been tough to navigate. how do you craft a portfolio that is resilient and can withstand all the ascendancy's we are talking about? >> we had a conviction at the beginning of the year that it was not the moment to leave in the equity market. we have the conviction as well that the growth has not disappeared from the landscape. if we look at the european numbers, for example, it illustrates the situation quite well. we have -- we could be in positive supplies, and the first numbers we had for the first quarter of this year for the gdp

growth rate are beyond the expectations of the consensus. definitely, we think that the mix inflation, plus growth, is positive for the earnings. it's not the moment. -- haslinda: what does your portfolio look like? >> we are awaiting the equity market, the u.s. equity market. still a growth story. it's very complicated to stay away from this market. haslinda: where exactly are sectors question mark know mac seven technology has pretty much driven the rally. is that where you continue to see conviction? >> exactly. we are still invested in the sector but the two other sectors we like, the first is the banking sector. we have elevated interest rates. this sector is still benefiting from this environment of elevated rates. in the second one is the energy sector. the energy sector is benefiting from elevated oil prices. and we do not see any changes in those situations. oil prices and energy prices

will stay high for a long time. this is benefiting from the sector from this energy sector. definitely, we do light -- the accommodation of growth sector and value sectors with these two convictions, the banking sector. haslinda: we know that this is an environment where central banks are no longer synchronized , what opportunities do you see? >> for the bond market, the central bank is extremely important. but, there are -- i mean, the bond market is definitely not performing this year. in this year could be another year with negative performance for the bond market. it doesn't mean that there is nothing to do in this market. we do light in the ig market. we do like them in the short durations. at some point, it will deliver, they will curb the rates, the key question is when, definitely

in the second half of the year, they will deliver and we will see the short duration delivering performance in the dilla -- diversified policy. indonesia, we are not really exposed to this part of the world, but what we can say is, in asia, these stories are different because the central banks aren't tracking them in different objectives. some central banks are trying to stabilize their currency, other central banks are trying to preserve their competitiveness. so given the objective and the reaction of central banks, there are different opportunities and in indonesia, we do see a stabilization of rates so far, so this is not one to be exposed. haslinda: investment management is sticking with us. also i this hour, sharing their

tips on event driven investing. plus, the ceo of india's largest steelmaker will be joining us to discuss their growth strategy after fourth-quarter 8 -- fourth-quarter earnings miss. keep it here with us. this is bloomberg. ♪

haslinda: waiting on the fed and waiting on an vintage -- nvidia. asian markets taking a breather for seven days of consecutive gains. keeping an eye on it. the mac seven to report to see if gains are sustainable going forward. the hang seng down 2%. kospi, taiex and the asx 200 in the negative as well.

power transition in the middle east are in focus after the death of the iranian president. in saudi arabia, king salman's health is being closely watched as he receives treatment for lung inflammation. bloomberg horizons middle east correspondent joins us. thank you for joining us. let's start with iran, what is the latest there? joumanna: the country has now officially entered into a time of morning. it will lost five days in a memorial service will be held later today for those who died in the accident, of course including the president and the foreign affairs minister who also died in that helicopters trash. in terms of who takes over, there is a procedure in place. the first has now picking -- taken on presidential duties as an interim president. he will serve as the foreign minister, but the iranian state tv has announced that a presidential election will take

place on june the 28th and candidates now have to register may the 30th to june the third. but all of those candidates will have to go through a vetting process via the guardian council. in 2021 when he ran for president, he was the only president running because that guardian council vetted it so strictly that in the end he had no one to run against. it will be interesting to see how this plays out in the course of the next few weeks. the hope for some members of the public is that someone was more centrist i would put their name into the ring. haslinda: what was top of mind? joumanna: i think we are closely monitoring the situation of his majesty the king, king salamon in his late 80's, he has suffered from bad health the last couple of weeks. the last couple of days he was

admitted to the hospital for lung inflammation. he is now in a hospital, not in the capital riyadh. of course, many well wishes from within the saudi kingdom have started to come through, praying for the health of the king. but of course, this again sets into question the succession plans within saudi arabia. we know that the crown prince mohammed bin salman is poised to take over should the king come to pass. what's notable is that the crown prince was supposed to be engaging in a foreign trip this week. he was supposed to be on his way to japan. he cancel that trip which perhaps was a reflection of the state of the king's health. many people in the kingdom are keeping a close eye on how this is all going to play out and also what it might mean for some of the bigger picture policy questions, including this much talked about saudi u.n.'s defense deal and the offense pathway for saudi normalization.

haslinda: our africa correspondent. for more on the geopolitical risks facing markets, let's bring back the head of global market strategy. you got a sense that we have lots of tensions, yet, the vix is nowhere to be found in market seem to be underpricing risk. how concerned are you about this? >> as a used to say, don't fight a friend. is there is no concern on the market. it means that the market is comfortable with the situation. they are not looking out this political and geopolitical risks so far. maybe it is too far, we have it in the tariff in the u.s. election, which is another important moment for the market and on the calendar. but as i said, this is too far for the market to consider this

risk as it can create risk. in the other risk, we mentioned, the situation in iran and in the middle east from a global perspective, the situation in this part of the world is warming and scaring. but definitely, it's not a major contributor to the growth rate, to the global growth rate in to the markets. so, if we are cynical in the markets are cynical at some point, they don't pay attention to these risks because the situation is not contributing enough to the market and to the creation of added value. so they are only looking out the most important topics in the most important topics are the first ones that are about restarting, which has never ended, and the second one could be the situation in europe because of course we still have a war between ukraine and russia. haslinda: let's pick up on the

escalating trade war and now we have the u.s. imposing more sanctions on china. is china able to navigate all of that, and is asia able to navigate all of that? click sets an excellent question because china has already demonstrated that china is able to navigate in the situation finding solutions to work around the sanctions already imposed by the u.s. administration. we remember that donald trump and joe biden has already imposed and increased tariffs on several products. what happened then, china has used mexico and other countries to export their product to the united states without suffering from this tariff. so i would not be surprised to see the chinese administration being agile and finding solutions to work around the

situation, continuation of the trade war. but now the point is there are new players in the trade war, in european countries and some other countries are also considering the idea of imposing tariffs to china to protect their own market. so the generalization of this trade war to other countries like europe and emerging countries against china could be tough because these workaround solutions could, at some point, no more be used by china to escape in the situation. haslinda: valuations are looking cheap. you say patients is essential to investing in china. how long do you want to be patient? >> why patient is key for when we look at the chinese stock market, very late -- valuation is low. if you look at only evaluation,

it is the right moment to increase our exposure to the equity market. however, when you look at structural issues and you look at the property market, and the recent packets decided by xi jingping administration, it's not enough to restore confidence. when we are foreign investors, what we need is visibility, we need it on the economy and on the market that we want to be exposed to. so, definitely, i think the problem with china is a lack of visibility. if we compare china and india for example, we know the growth is there, the situation is quite stable. so again, patience is key in visibility is not in china. haslinda: when it is time to invest in china, would you look at consumer stocks given the rising metal claws, what would be the basis, what would be the checklist for you? >> the confidence in china, the

household's will start to increase again and reach up and the level that we used to see before the pandemic. i think this will be the right signal to be re-exposed to these stock market. haslinda: great insights. to come back. maddox investment managers. plenty more ahead, keep it here with us. this is bloomberg. ♪ my data driven insights, i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working.

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when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh haslinda: dales ceo says the company is unveiling a new line of personal computers for ai tasks. we spoke exclusively with michael dell alongside nvidia chief jensen wong. the dell conference in las vegas. >> all of our new pcs will be ai

pcs. and the reason is, anything you are doing that has an edit prompt is going to be sped up because every software developer in the world is figuring out how to use all this new power in the gp use, the mp use in these new ai pcs. >> that's the units. >> exactly. that experience will be better. when your pc is four years old, it's time to get a new one? you will want the one that speeds up the new capabilities. the machine is going to last for several years that doesn't have the capability. >> where is nvidia's place in a ipc? i grew up with the gaming site of nvidia, do you have a place in ai pc market? >> come back next year. >> there are a bunch of nvidia

in dell pcs and dell workstations. all of our gp use at the same tensor cores that are running an h 100s in the cloud, so every one of our gp use use ai to do its work. ai is going to transform gaming. all the npc's, the nonplayer characters, they will be chatbots. >> how will it be cut? >> creating world will be easier. instead of instruction driven computing, it's now intention driven computing. it's easier to write programs, python programs will be even easier to write. videoconferencing will be a lot better because of it. >> what you did with blackwell and other products was you innovated by saying, let's combine gpu with cpu, is that the next iteration for you you go, here's the nvidia pcu that goes with it? >> we want to support every pcu the world makes.

there are places, we support x86, there are places that perform arm -- prefer arm. we support arm. we went to the topmost energy super efficient computers in the world are powered by grace hoppers. wherever it makes sense, we will support the right cpus. haslinda: michael dell and jensen wong speaking exclusively to bloomberg's ed ludlow in las vegas. the markets keeping track of ev stocks. the auto posting its biggest drop since march 2022 on the back of first quarter sales missing estimates, deliveries of its first all ev car fell short of its own targets. the company's first quarter net income coming in at 1.3 billion yuan. analysts were looking for one point 6 billion yuan profit index according to data compiled by dash. compiled at 18%. keeping an eye on crypto spirit

crypto prices have surged on signs of momentum towards u.s. approval of etf's, investing directly in second largest token. ether currently up by more than 5%. take a look at technology investment up a massive 13% as we speak. ether rose almost 14% in u.s. trade. that was the steepest advanced since november 2022. great day for cryptocurrency. still ahead, a deep dive into event driven investing with asset management. here why they are seeing a lot of opportunities here in asia. this is bloomberg. ♪ her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name!

it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. life's daily battles are not meant to be fought alone. - we're not powerless. so long as we don't lose sight of what's important. don't be afraid to seize that moment to talk to your friends. - cloud, you okay? because checking in on a friend can create a safe space.

- the first step on our new journey. you coming? reach out to a friend about their mental health. seize the awkward. it's totally worth it. haslinda: china market shows heading to lunch, csi 300 index

joining that selloff here in asia. csi down 4/10 of 1%. the hang seng also in negative territory. that rally in hong kong stocks may be overdone if it's according to technicals. 14 day rsi. the gauges stayed above 70. this is a level that indicates the measure is in overbought territory for most of this month. take a look where we are in terms of the csi 300, again a negative territory in terms of the yuan unchanged at 72355. and as china goes to lunch, japan comes back from lunch. let's get the latest from avril hong. >> -- admiral holland -- april: -- avril: the stocks are really reeling from this fed speak and also the unwinding of the commodity stock rally and is still hanging onto the earlier

gains actually extending a little bit about 2/10 of a percent stronger. i also wanted to talk about bonds in japan. remember how the 10-year yesterday hit levels on the yields that we haven't seen since 2013. it's all about this narrative of the expectation that that boj will continue to heighten rates that it will reduce bond purchases, normalize its monetary policy, all very bearish for bonds we see across the curve this move, but none of this is actually helping dollar yen, this is a dollars story as u.s. yields rise. let's flip the boards because i want to talk to what the movers in japan stock market are today. the insurers are helping to lift the broad gauges. this is on the day where we got yesterday the earnings, which showed a really solid forecasts that are now shared buybacks, also cutting some of the holdings in companies, all in

efforts to help to boost shareholder values in the likes of msn 80 rising double digits, tokio marine also well in the green. let's flip the board again because we are just about ending the earnings season on the nikkei 225. when left more to report later in the week. all things to consider, it's been a stellar run. to seen more positive surprises than negative ones, the financials have been lagging. it will be interesting to see how the wage and the inflation story feeds into the earnings outlook. haslinda: event driven investment allows investors to capitalize on change events for companies. these can be a management driven move or a regulatory landscape change. our next guest runs and event driven asia equity fund. the fund is up about 4% this year and has outperformed its benchmark. joining us from hong kong is the head of asia special situation.

john, good to have you with us. we know that it has a low correlation to market duration. why should investors be paying attention to it? >> thanks for having me. i think it's important to understand that we see there are risks to the market direction in general. geopolitical risks are in many places around the world. investing is a way of tea correlating from overall market moves. so the way we look at them and express it to our clients is a way to protect from the market movers when the events happen. haslinda: where do you see opportunities in asia right now and what's the basis of it? >> i think the focus on the investment has very much been as we have just seen what everyone was talking about in japan. there is a very strong impulse in japan for shareholder return

for corporate governance and this is for investors in the space. this is after the reporting season in japan, we have seen ¥10 trillion announced in japan, which is obviously very strong. 50% of companies have increased their dividend. there is a lot happening in terms of corporate performance really driving a lot of change in credit opportunities for alpha. we are seeing a very much impulse for the same thing appearing in korea as well. we are seeing a belly a program being discussed and being implemented slowly and certainly seeing a very similar program happening in crew. china is the one that everybody wants to talk about. we are also watching closely with happening with regard to the property market in the inventory stock story and the potential policy that we say

supports the market going forward. haslinda: are you expecting more stimulus, is it driving the optimists, and where will growth come from? >> i don't think we are expecting much more stimulus, but we are expecting a decisive policy response. we adjust this issue of inventory oversupply and i think if we could see an impulse there to really tackle that in an effective way, then hopefully that would lead to an increase of sales prices and obviously volumes, which would then support the market in general, and then really see a lot of sentiment turn on this space in particular with their developers. haslinda: in terms of ipo and china, when might we see that? >> the capital markets are a little bit challenged in china and hong kong. i think for different reasons.

there is a bit of regulatory pushback on ipo on china and the mainland at the moment. hong kong is about sentiment. hong kong has been a sentiment driven market. in the face with the market is repairing its market. in regards to what we see with the market direction and more people are talking about hong kong as a market than they were about six months ago and we really need to see the sustained for those large investors to come back to show interest in the long-term and medium-term things they are seeing a marriage and investing in capital markets and that way. haslinda: earlier you are talking about how japan is looking attractive as well. this is a market seeing a lot of activist activity. i'm just wondering if that changes the landscape for you? >> absolutely. it does in it changes the landscape for all investors looking at japan.

there is quite an important set of reforms they came into place in japan beginning of this year that were put in place by the tokyo stock exchange in regards to -- etc. investors now have a dollar they can have with companies that are mandated by the exchange. that's a very powerful tool. and what is forcing them as the dollar between investors and companies that really wasn't there. if you go back to 2014 or before , japan was a market where there was very limited activist activity, eight to 10 situations within a year. at the moment we see around about 130 live activist situations currently taking place in japan and we are coming into agm season so a very set of topical proposals coming this gm season. we think this will continue and

will sustain. the rapid pace of change that we have seen from japan being such a quiet market is the world's second busiest activist market has been interesting, has been encouraging, and the way that corporate's are reacting is very encouraging, we are seeing buybacks, we are seeing reform agendas take place. that's really what gets us excited as driven investors. haslinda: i guess the question is, how do you play japan best? >> from our perspective there is a number of different ways you can play japan. we are seeing money globally moving to that market, both from a foreign direct investment perspective and into their markets. from that perspective, there is that real impulse for corporate change. those companies are making their

intentions known. that's where we are focused. we are looking up the companies that are and perusing -- improving china targets on the r.o.e. basis or any other basis. that's what we are focusing on because companies are trying very hard at rates we have never seen before in japan. haslinda: what is the most important signal for you as you make your investment decisions? >> there's levels of investment spending, capex, m&a is important, all those things will lead themselves to confidence. confidence is what we need to see to have the market be confident that there is going to be more investment and transaction which is where we have our trade. we've been encouraged with what we see and work -- in regards to spending and capex and m&a volumes picking up. we think going forward is a great space to begin. companies are changing and improving across the region.

very excited about what we are seeing. haslinda: it does feel like the markets are seeing overconfidence right now. john, thank you so much for that. the fed also, a key focus for market. cleveland fed president thinks three rate cuts appropriate for this year given the recent u.s. economic data. she spoke to us exclusively on the sidelines of the atlanta fed's financial markets conference in florida. >> the economy has performed stronger in the first three months of the year than we probably had anticipated, than i had anticipated. at the same time we saw that inflation progress stall in the first three months. we did get an april cpi report, which was welcome news, but i think it's too soon to tell what path inflation is on. so we just need to collect more information on that. so we see moderation on the real side of the economy, still a

stronger economy, but we are seeing the impact of the monetary policy that we put in place. >> do you reject the idea that financial conditions got loose and that's the reason the first four months of the year we saw inflation level up or go out a little? >> the markets will be the markets, the way i look at it is, we have restrictive monetary policy in place, it has shown up in terms of moderating the labor markets, they are becoming better balance between labor demand in labor supply. we are seeing that work its way through. that rebalancing is going to put downward pressure on inflation as things play out. we just didn't see that in the first three months of the year and we will need to gather more evidence on what exact path inflation is on in order to determine whether it's on that sustainable downward path to 2% that we are all looking for. >> there has been some thought because of the nature of changes

in the economy. part of the defense problem is that monetary policy doesn't reach a lot of the areas that have been showing price increases. do you think you have a broad enough anchor on the economy or are there still going to be hotspots you have to deal with? >> a lot of things happen during the pandemic and we see the pandemic effects and i don't think we can include the monetary policy is in having an effect. the transmission mechanism is something that changes over time. and to monitor that in order to calibrate policy to where the economy is or where it's going. balance and risks to both side. that's what we are in the process of doing now. we gather information, we look to see where the economy is at the moment, where it is and we calibrate our policy to reach both parts of our mandate. in the first part of the year what we saw was a risk that we were too restricted.

last week people were worried about the fed getting more restricted and it would dampen the economy, those risks went down. the risk for inflation were tilted to the upside and remain so. that's a balancing that we had to do as policy is going forward. >> this will be your last time to vote on policy and to put out a dot plot. where is your dot plot going to be? how many booths? >> i haven't determined that yet. i was on the record saying the developments i've seen in the economy right now, i would not think that that's still appropriate because the inflation risks have moved up. given the progress on inflation of stalled out in the first quarter. the real side is a little bit stronger than i anticipated. haslinda: cleveland fed president speaking exclusively with bloomberg's michael mckee. still ahead, our conversation with the ceo of the largest dealmaker gsw discussing a

growth strategy after reporting a fourth-quarter earnings and. that's next. this is bloomberg. ♪

haslinda: indy is just coming online. joining the selloff in the region, the sensex down a 10th

of 1%. losses do for the other benchmarks include the nifty bank index down 2/10 of a percent. let's stay with india, its largest steelmaker has posted fourth-quarter profit that slumped 64% from one year earlier. jsw steel said it was due to an increase of overall expanses and a decline in prices for the airline, despite india's booming demand, the company said it was hit by a 6% drop in steel prices. that's discussing earnings outlook and growth strategy with jsw steel. good to have you with us, do you think the 64% drop in earnings and profit is a one off that you will see a reversal in the coming quarter? >> yes. absolutely. we had a subdued steel price as well as in india primarily because of low price imports,

which came into the country. that impacted the margins. however the volume stood strong. going into the full-year results i think it was quite well by 52%. and it was the second highest. we are seeing a very strong economic moment in india and that will in proof the state demand going forward in the next year as well. haslinda: let's break it down. you talk about steel demand going forward, you are optimistic about it, what kind of demand, give us a sense in terms of numbers, quantify that for us, please. >> india last year had to demand of 136 million bands which was a growth of 36 percent. even in this year, although there is this quarter, but we

expected the budget to come back. even if you take about 900% growth, we see incrementally 12% to 20% of steel demand. from my perspective we are just commissioning our plan. our phase two expansion in one of our plans has been completed. overall we have 8 million plants of capacity over the year. the full impact would come in this year and partly in the next year. haslinda: you got hit by steel prices, the lowest steel prices, what assumptions are you making about steel prices going forward? >> steel prices have stabilized in the last quarter it dropped as well as in the domestic market. it has bottomed out. we have seen a price increase of

about $20 internationally. and that's effective in india. april and may have seen a price environment. we expect the prices to be stable. we expect the court that would impact the margins in our operating efficiencies on the back of products that will help the margins. so we see a better fy 2025. and we will normalize this last quarter. haslinda: we know that you are concerned about steel imports. might that impact prices? >> steel imports is a concern, especially china because of a weaker domestic market has been exporting large quantities. they exported about 26 million tons.

india have a large chunk of that import coming in, so we are concerned at large, and i think they are steps that we need to take for this kind of invalid -- this kind of volatile environment continues. we will watch it carefully and we hope the in proving steps would improve the domestic demand. haslinda: talk to us about cooking coal. what's your procurement strategy right now? >> we are importing this from various countries internationally. we are in the process of improving things. we have acquired the most sophisticated minds that would give us 200 million tons of cooking coal. just a few days back we take a

stake and now some peak in a high stake -- high-grade one. it has 100 million tons. it is a good asset, logistically close. we expect that to provide a lot of security for our indian expansions. going forward, we continue to look for assets, which are strategically and commercially viable. haslinda: in terms of cooking coal, are you buying from russia, if you are, what is the mode of payment? quakes we are not right now procuring, but we have been procuring some different kind of coals there from russia for many years. with the steel operation you need to develop the sources over time. that continues but not in

substantial quantities. it comes from australia, the u.s. and canada. haslinda: you talked about how you made the acquisition in mozambique and exploring elsewhere, what might you be interested in and are you and talks currently? quakes we have been looking at various assets, which has been very volatile in terms of costs, so those assets we haven't in canada, australia and mozambique, it's one of the very few cooking coal assets in the world. approvals are in place. we are hopeful that this will be a very good asset for us. we are looking out operational minds in some parts of the world. if those strategically fit us, we look at it. and we are looking at the domestic coal as well and 2

billion tons from three cooking coal mines which we have done. i think those will go over the next two years or so and that would lead to our cooking coal requirement. haslinda: a lot of indian companies are formulating the decarbonization plan. what is yours? >> i'm happy that you asked that question, the leadership by cdp in the sustainability index -- it is the only one the world to get. the seat program aims at improving efficiencies across all the locations. we will see seating about 18 million tons of omissions over the next seven years and it has been a very good program. we are already learning ccu at

100 counts per day at one of our locations. we are trying to see how we can expand those. we have started construction and we will see how this works and we will approve of that as well. haslinda: thank you so much for your time today, js w plenty more ahead, keep it here with us . this is bloomberg. ♪

haslinda: markets keeping an eye on commodities after the massive rally, especially for copper in excess of 11,000 now easing after them move that we saw yesterday. cautioning israeli may have been going ahead weak fundamentals. fundamentals down .5%. iron ore also lower. that is it from bloomberg markets: asia. horizons middle east and africa is next. this is bloomberg. ♪

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