tv Asia Business Report BBC News January 12, 2024 2:30am-2:46am GMT
2:30 am
we have plenty to talk about in the lead up to the election tomorrow, but before we get to that in the last few hours there have been reports in the uk and us that they have launched air strikes against houthis, houthi rebels in yemen in response to their attacks on the red sea. let's cross to singapore for more on this story and the reaction of the market. little market reaction so far but crude oil futures are up more than 1% in early asian trade. there has been so much disruption to shipping routes in that region over the last few months that markets may have priced this type of military action in. that it does seem significant that the us and uk have all ready military action in order to protect commercial interest. presidentjoe biden saying the us will not allow houthi attacks to imperil freedom
2:31 am
us will not allow houthi attacks to imperilfreedom of navigation and britain's prime minister rishi sunak saying the uk will always stand up for freedom of navigation and free flow of trade. the big question is will the strikes work? britain's defence ministry says the strikes have already been a blow to the hootie�*s ability to threaten merchant shipping. the real risk is that the conflict in gaza will escalate throughout the red sea region. major shipping lines and oil giant bp have already diverted vessels around southern africa adding time and cost to journeys rather than risk the red sea. if the crisis continues the increased cost of oil as well as goods could be passed on to consumers. hampering efforts to curb inflation and reduce interest rates. the houthi have attacked 27 ships to date disrupting commerce on those key shipping lanes between europe and asia
2:32 am
and they account for about 15% of the world's shipping traffic. the boss of shipping giant maersk has told the bbc why the waterways are so important to global trade dig this is one of the most important arteries of global trade and having to regrout all this cargo now south of the cape of good hope is going to create significant disruption to the global supply chain for the duration in which we have to do that and probably a few months more as we have to return to normal. 50 months more as we have to return to normal.— months more as we have to return to normal. so we need to see a stronger _ return to normal. so we need to see a stronger mobilisation. - see a stronger mobilisation. the — see a stronger mobilisation. the other_ see a stronger mobilisation. the other thing is that the level— the other thing is that the level of— the other thing is that the level of threat is evolving and so for — level of threat is evolving and so for the _ level of threat is evolving and so for the coalition that is trying _ so for the coalition that is trying to— so for the coalition that is trying to put in place safe passage they need to constantly reassess — passage they need to constantly reassess the level of protection for us. it is really important that this is being addressed with diligence and strong — addressed with diligence and strong mobilisation of the international community so that normal— international community so that normal global trade can resume. bringing — normal global trade can resume. bringing attention back to taiwan and crucial elections
2:33 am
happening tomorrow. one of the first things the winning party will need to deal with after the election here in taiwan is to answer this how to deal with china. the world's second—largest economy has warned that the extreme danger of electing the front runner from the ruling democratic progressive party or the opposition kuomintang is viewed as being more friendly. china is taiwan's biggest training —— trading partner and island island does its own territory. earlier i spoke with a political science —— scientists and asked whether the outcome of the election could change relations with china and the united states. if kmt wins this election we see the potential for a resetting dialogue between taiwan and the prc and there would be a process in and of itself. i think we will see more of this icy relationship between two sides. regardless of which party wins i do not see a major
2:34 am
change between the taiwan and us relationship. all three presidential candidates have made multiple trips to the united states to ensure that make sure the united states and all three are taking a similar approach meaning they will continue robust dialogue and slowly build up relations between the two countries. we ma see between the two countries. we may see some movement depending on who wins this election. how would you characterise the relationship they have at the moment? fist relationship they have at the moment?— relationship they have at the moment? �* ., , moment? at the moment it is cold. moment? at the moment it is cold- the _ moment? at the moment it is cold. the prc _ moment? at the moment it is cold. the prc has _ moment? at the moment it is cold. the prc has decided - moment? at the moment it is cold. the prc has decided it l cold. the prc has decided it does not matter who from the dpp is in power, if the dpp is in power they will not pick up the phone when taiwan calls. taiwan has tried to call, they have tried to make connections to the prc but the prc does not pick up the phone. even though the current leader we have known for pragmatic policies but from the perspective of the prc, because she is from the dpp it is a zero party. if prc, because she is from the dpp it is a zero party.- dpp it is a zero party. if only one party — dpp it is a zero party. if only one party talks _ dpp it is a zero party. if only one party talks to _ dpp it is a zero party. if only one party talks to the - dpp it is a zero party. if only one party talks to the other| one party talks to the other
2:35 am
that complicates a relationship had as a player for trade? that complicates a relationship had as a playerfor trade? it had as a player for trade? it is interesting for trade because the relationship has not really iced in terms of trade but lately the prc has been trying to coerce taiwanese voters through trade. but despite icy relations we have seen a robust trading partnership and ultimately this helps, at the very least to keep these and remind xi jinping that any sort of war with taiwan will be very costly not just with taiwan will be very costly notjust in terms of human life but it would damage the prc's ability to continue its economic reform. , economic reform. both parties do have mutual— economic reform. both parties do have mutual benefit - economic reform. both parties do have mutual benefit from i do have mutual benefit from keeping relations intact in some degree. what will then be the priority for the taiwan government of the day come sunday when we have a new party in place? sunday when we have a new party in lace? . , , in place? ultimately the first challenge — in place? ultimately the first challenge is _ in place? ultimately the first challenge is going _ in place? ultimately the first challenge is going to - in place? ultimately the first challenge is going to be - in place? ultimately the first challenge is going to be a . challenge is going to be a matter of trying to unify the country because when you have three presidential candidates
2:36 am
running in taiwan it is incredibly divided right now and the message that whoever wins whether it is whoever it is needs to send a message of unity to try and move past this vicious election cycle and towards a place where everyone can find a starting point to continue. can find a starting point to continue-— can find a starting point to continue. �* ,., .,, , . continue. are you optimistic ford taiwan's _ continue. are you optimistic ford taiwan's relationship . continue. are you optimistic l ford taiwan's relationship and its future? i ford taiwan's relationship and its future?— its future? i see signs of joe biden and — its future? i see signs of joe biden and xi _ its future? i see signs of joe biden and xi jinping - its future? i see signs of joe biden and xi jinping trying i its future? i see signs of joe | biden and xi jinping trying to biden and xijinping trying to find a floor to stand on. there are signs of more efforts by taiwan to try and reach out to the prc. i hope the prc is willing to hear those messages from taiwan. but there are reasons to be hopeful and unfortunately reasons to be hopeful because even despite these attempts to create a floor to stand on the prc has taken a much more aggressive approach through military threats, economic threats and rhetorical threats. meanwhile, ahead of the _ rhetorical threats. meanwhile, ahead of the election - rhetorical threats. meanwhile, ahead of the election the - ahead of the election the younger generation in taiwan find themselves in a curious predicament. on the one hand,
2:37 am
the self ruled island is lauded as an advanced economy by the international monetary fund and a high income one by the world bank. but as i found out when i hit the streets of taiwan, comes to how they feel about that and how they feel going forward, they are not getting a sense of that progress when it comes to their bank balance. this is a popular shopping and eating district in the heart of taipei and i have come here to get the thoughts of young people ahead of the elections on january 13 people ahead of the elections onjanuary 13 to the reason i am speaking to young people aged 20—31; is because they make up aged 20—31; is because they make up one fifth of the electorate and that number may not seem like a big one but with an election this close it could be a decisive factor. translation: even caregivers have a higher salary than us so regarding hope or expectation for the
2:38 am
future, actually it is dark and hopeless. future, actually it is dark and hepeless-_ ll future, actually it is dark and i hopeless._ i hope hopeless. translation: i hope that preperty — hopeless. translation: i hope that property prices _ hopeless. translation: i hope that property prices can - hopeless. translation: i hope that property prices can be - that property prices can be controlled and cross strait relations remain stable. i am concerned about that. if there is action on the other side street i would be more concerned about security. translation:— concerned about security. translation: �* , ., , translation: because most of my classmates around _ translation: because most of my classmates around me _ translation: because most of my classmates around me have - classmates around me have relatively high salaries and it is more related to their education background. so in general you could say that the salary and benefits are good but i have also heard about quite a few friends who only earn a little over $1000 after entering society. ifeel earn a little over $1000 after entering society. i feel that this disparity is quite large. it is clear that many younger voters feel trapped in a cycle of high cost of living and rising inequality. but as an economics professor told me, neither main party competing in this election have a long—term solution. this election have a long-term solution. ., ., ., , ., , solution. hong kong has hope house prices _
2:39 am
solution. hong kong has hope house prices and _ solution. hong kong has hope house prices and in _ solution. hong kong has hope house prices and in korea - solution. hong kong has hope house prices and in korea andj house prices and in korea and singapore. but the difference is that you have to look at the number of housing price to income so the housing price to income so the housing price to income ratio is the highest in taiwan compared to other countries ijust mentioned. so all the major parties are doing is trying to place orders one way or another, cutting tax and then spending more so the issue is that it will lead to more government debt in the future and who will pay for that debt? if you are young and very open and educated you start to think thatis and educated you start to think that is an issue to as young taiwanese people had to the polls, these struggles will be on their mind. it polls, these struggles will be on their mind.— polls, these struggles will be on their mind. it is something the next administration - on their mind. it is something the next administration will i the next administration will have to contend with, how to tackle the rising cost of living and home prices. and then a quick recap of our top story this hour, the united states and britain have carried out military strikes against houthi rebel targets in yemen. president biden has said the
2:40 am
strikes were in co—ordination with washington's partners and followed an extensive followed a n extensive diplomatic followed an extensive diplomatic campaign. the demand backed houthis have been can attack on commercial vessels in the red sea since the start of the red sea since the start of the israel hamas war. and all reaction to those airstrikes on houthi rebels and for continuing updates on the taiwanese elections you can visit our website. we will bring you the latest developments happening today and over the weekend any time i will see in about one hour here on bbc news. bbc news, bringing you different stories from across the uk. this isn't a supermarket or corner shop, it's a church hall converted into what's known as a warm space. that's when we were moving all the damp. this one was set up last year, the original plan — to help cope with the biggest rise in prices in 70 years. a year on, not much has changed. as far as cost of living
2:41 am
is concerned, even people like actually, two—income families, it's such a tight squeeze at the moment. farfrom being sites of desperation, these places have become beacons of hope for those who live nearby. there are almost 300 of these places now across the capital. and they start off as a response to something like the cost of living crisis, but what they really become is the hub of the local community. people came because they were looking for warmth, that was the idea. they wouldn't be able to turn on the heating at home so they came for the heating but often what they did was they stayed for the meeting. when we look in the news and see the cost of living crisis as it is there is so much to be not optimistic about. but if you come here on a thursday afternoon you give out a hot chocolate to someone or you receive something or have a chat to someone or talk to somebody, one of your neighbours, you will see so much hope. for more stories from across the uk, head to the bbc news website.
2:42 am
hey. i'm julia with the catchup. tonight, a london bus fire, fka twigs speaks out, and a surprising jungle remix. but first, the fast fashion brand boohoo has been putting labels that say "made in the uk" on potentially thousands of clothes that were actually made in south asia. that's been uncovered by bbc panorama. on tuesday, the bbc reported that the brand is considering closing their uk factory in leicester, where the mislabeling took place last year. boohoo said it came down to human error after a misunderstanding of the labelling rules. some other stories now, in wimbledon, southwest london, an electric double decker bus caught fire during morning rush hour. tfl have said that nobody was injured and they're investigating what went wrong. singer fka twigs has responded to the ban of her calvin klein ad. uk regulators said the advert objectified her, but the singer
2:43 am
posted on instagram saying that she's proud of the pictures and that she feels there are double standards. and two original scripts from the tv show friends that were rescued from a bin are going up for auction. the one where ross gets married was the two part finale of season four, and it was filmed here in the uk. so the script was found at fountain studios in wembley back in 1998. i will leave you with ten seconds of this unlikelyjungle music remix. this clip of university challenge has gone viral after the presenter amol rajan corrected one team about jungle music. absolute banger, to be fair. you're all caught up now. see you.
2:44 am
hello and welcome to sportsday — i'm hugh ferris. our top stories. after 2a years and six super bowl titles, the man called the greatest coach in the history of the nfl parts company with the new england patriots. we hear from the former england manager sven goran—eriksson as he reveals he has terminal cancer with his �*best case' giving him a year to live. i have a cancer where you can't
2:45 am
operate and you have to try to slow it down as much as possible and that's what i'm doing. and yorkshire cricket's former chairman apologises for racism at the club as his controversial return moves a step closer. hello again. he says he'll always be a patriot but after 2a years of historic success, bill belichick is leaving new england. regarded by many as the greatest coach in nfl history, he and tom brady took the franchise to six wins from their nine super bowl appearances, both records for a coach and quarterback. but, since brady left, things haven't been as good, and after the 2023 season handed belichick the worst win—loss record of his 29—year coaching career, belichick has parted company with the patriots.
48 Views
IN COLLECTIONS
BBC News Television Archive Television Archive News Search ServiceUploaded by TV Archive on