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tv   Asia Business Report  BBC News  January 17, 2024 1:30am-1:46am GMT

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�* the �*the gdp gave a sneak peak of the gdp figure at the annual meeting of global leaders in davos. li chang said that they beat their target. the apac chief economist says that that is above initial estimates. when the 5% growth target was announced with the two sessions, both li keqiang for the first time taking the helm of the chinese economy, 5% was considered low. and the reason was that china was moving out of zero covid policies. basically, the benchmark was 2021. i mean, coming from 2020 to 2021, the growth rate was 8.1%. so, 5% was underwhelming. because china did so poorly in the first—half, of course, 5.2% sounds good now, because we were fearing that the target would not be reached. in that
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regard, it's good news. but we need to put it in that context. 0bviously, china is facing a slowdown. what do you expect the government to do to try to boost the economy going forward?— boost the economy going forward? ~ . ., forward? well, li keqiang made it very clear— forward? well, li keqiang made it very clear that _ forward? well, li keqiang made it very clear that the _ forward? well, li keqiang made it very clear that the 5.2% - it very clear that the 5.2% growth was basically not by stimulus. as he said, china's good immune system. it is very clear that to reach anything similar, which i think is what the government is going to announce in the two sessions in march, they will need some stimulus. and we are already seeing additional issues for local governments and expectations of a cut in the ratio and monetary policy and stimulus, etc. some stimulus will come, but it will be limited. just to barely make it to 5% and possibly maybe even slightly below 5% next year. the attacks on commercial
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shipping in the red sea — what's the impact likely to be on china and asia? surely, these countries also need the goods that are being shipped from that region?— from that region? well, absolutely. _ from that region? well, absolutely. china - from that region? well, absolutely. china is - from that region? well, absolutely. china is the | absolutely. china is the largest exporter in the world by far, for manufactured products. so china does suffer from, especially when it takes to bring goods to europe. of course, we have a railway now available. part of the belt & road initiative. but ukraine and russia's war are in the midst of that railway connection. so this is one more hassle, a very important one, for china's exports. ukraine's president has been meeting with global leaders and trying to convince them to fund the war—torn country's reconstruction. 0ur economics editor spoke to him in davos and sent this report. the long shadow of geopolitical crisis in the world economy.
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again, the main issue here at the world economic forum. the presence of ukrainian president volodymyr zelensky talking to the world's biggest wall street financiers, trying to persuade them to invest in ukraine's reconstruction. but also coming up reconstruction. but also coming up and backing a big and controversial scheme to spend the proceeds of russian frozen assets from its sovereign funds. i got to talk to president zelensky, and asked him about this scheme. it's garnering support amongst western diplomats. but the western central bankers are a little more sceptical about the precedent that might be set in what is supposed to be cast iron safe haven assets bought by whatever country in the world if they�* re by whatever country in the world if they're suddenly used in a war. president zelensky telling me that they have $300 billion in frozen russian assets that have destroyed
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ukraine, and that they should be used because essentially, western taxpayers shouldn't be relied on when those monies are available. i understand that european central banks are a little nervous about this scheme, because then want to make sure that any deposits or deals with them have that cast iron safe haven basis. and there's also a potential legal challenge, too. but president zelensky very keen to push the idea that spending these frozen russian assets is the way forward to fund ukraine's reconstruction by the tens of billions of dollars. now, in the us, the fbi have begun an investigation after the bbc revealed allegations that the former ceo of abercrombie and fitch sexually assaulted people at events around the world. it comes as
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he and his partnerface around the world. it comes as he and his partner face a around the world. it comes as he and his partnerface a civil lawsuit of a sex trafficking operation. the company told the bbc it was appalled and disgusted by mrjeffrey�*s alleged behaviour. mrjeffreys, who was head of the us fashion company for 22 years, has declined to comment. let's stay in the us where a us judge has blocked an airline merger betweenjet blue and spirit. the ruling is considered a big win for the biden administration's anti—trust efforts. the news sentjet blue's stock higher, while shares in discount airline, spirit, tumbled 47%. for more, here's the bbc�*s correspondent in new york. usjudge concluded that correspondent in new york. us judge concluded that if jetblue was allowed to move ahead with its $3.8 billion deal to buy spirit, that consumers would lose out. now, the proposed merger would have created the nation's fifth largest airline. and while that would have put it in a stronger
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position to put pressure on the big four carriers that dominate the american market, it was written in the ruling that it would also have hurt consumers who depend on the discouncil carrier, spirit, for low prices. he said that there were no bad guys in this case, stating that the two companies were just trying to maximise shareholder value, while the department ofjustice — well, it was trying to speak up for consumers who otherwise would have no voice. jetblue and spirit said in a joint statement that they disagreed with the ruling and were considering the next steps. now, the decision not only underscores the critical role that low—cost carriers play in the us market, it's also a win for the justice the us market, it's also a win for thejustice department, which has been increasingly outspoken on competition issues underjoe biden. and which still has a number of big investigations open this year which could change everything from how americans buy concert tickets, to how they shop for groceries. now, for many of us, new year's resolutions may involve a job
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change. and as it turns out, if that's you, you're not alone. jobs platform, linkedin, has released latest data which shows in countries like india and singapore, more than 85% of professionals are considering switching jobs this year. the figures are a little lower in australia and japan, and this might not come as a surprise to you. but it's gen zs and millenials who are leading the charge for change. linkedin�*s apac chief economist says overall, it's a good year to look for a newjob.- look for a new “0b. this is hiuher look for a new “0b. this is higher than _ look for a new job. this is higher than last _ look for a new job. this is higher than last year. - look for a new job. this is higher than last year. at | look for a new job. this is i higher than last year. at the same time, we've also seen that job search activity has increased byjob seekers, and this is up by about ii%. so all of this really reflects the professional desire to take ownership of their careers and to seek out new opportunities in the new year. on the labour market side, there are signs that the labour market is improving and our data shows
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that there's been an uptick in hiring in the recent months. so the hiring rates in december 2023 were higher compared to 2022. more good news forjob seekers because the research shows that 85% of organisations are planning to grow their workforce this year. so all of these positive signs should give workers the confidence and arguably giving workers to take more control of their carriers and to seek out new opportunities. yeah, it's interesting, _ opportunities. yeah, it's interesting, especially i opportunities. yeah, it's i interesting, especially with the job market being so linked to the global slowdown. but all of these trends, we hear especially with things like quiet quitting and now also thesejob changes, are being led by gen z and millenials. how is their approach to work different from the rest of us? a lot of this is driven by gen z and millenials because they're new in entering the
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workforce. so as a share of the workforce, they take up a larger share right now. and in terms of mind set, we've grown up terms of mind set, we've grown up — i mean, the past few years have been really different. the past few years we've been in lockdowns. the mentality that we have to work is transforming a lot as well. it's not solely about wage any more. it's about work—life balance and flexibility and it's about growth and finding the best options and the best opportunities.- options and the best opportunities. and you obviously _ opportunities. and you obviously have - opportunities. and you obviously have access| opportunities. and you i obviously have access to opportunities. and you . obviously have access to a opportunities. and you - obviously have access to a huge amount ofjobs data being in linkedin. what are your projections for the coming year with regards to job trends? i’m with regards to 'ob trends? i'm cautiously — with regards to job trends? in cautiously optimistic about what's going to happen in the job market, because firstly, we've seen an uptick in hiring activity. and secondly, we know that organisations, we've heard that organisations, we've heard that organisations, we've heard that organisations are planning to grow their workforce. and we've also heard that tech finance and hr, are the key sectors looking to hire. so i believe that we will see a lot
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of movement and a lot of dynamicism in the workforce and in the labour market.— in the labour market. that's it for this edition _ in the labour market. that's it for this edition of _ in the labour market. that's it for this edition of asia - for this edition of asia business report. thank you for watching. sofia should have turned 23 today, but she died a year ago when a bike converted into an e bike caught fire. her mum and herfriend have set “p her mum and herfriend have set up a petition calling for urgent action to bring in regulations on e bikes and scooters and batistaeries and chargers sold with them. if we're going to change the law, it means that her death was not in vain. that's how we feel, everybody who dies because of an e bike fire, we have to live the nightmare
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there. ., ., , , ~ there. the owner of this bike esca ed there. the owner of this bike escaped unharmed. - there. the owner of this bike escaped unharmed. but- there. the owner of this bike i escaped unharmed. but similar fires caused three deaths in london last year. the coroner, who reported on two of those deaths, ian potter, warned there are likely to be more. he said: e scooters and bikes can be environmentally friendly and safe transport. the government says distributors need to ensure had a products are compliant but victims�* friends and families want more. for more stories from across the uk, head to the bbc news website. here�*s the catch up. tonight, car insurance prices at a record high. more on the post office scandal and a in deer in 0ffice scandal and a in deer in the snow. the top story. the price of
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renewing your car insurance is “p renewing your car insurance is up for lots of us, but we�*re told that it is affecting most of you if you�*re under 20. on average, it�*s a grand a year higher than 12 months ago according to comparison site, confuse.com, with 18—year—olds expecting to pay more than £3,000 for the first time. insurance companies blame rising energy costs, but our reporter has some tips on how to keep costs down. insurance companies say that increases are down to a rise in the costs they pay when they make a claim. for example, some say that they�*ve seen an increase of 40% in their energy costs. some other stories now. a senior boss at fujitsu has apologised for the company�*s role in the post office scandal. paul patterson, head of fujitsu in europe, says that the company has a moral duty to compensate british post office workers who were wrongly convicted because of flaws in its software. next — rome have sacked their managerjose mourinho in what was the
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60—year—old�*s tenth full time role as a manager. the club have parted ways with him after a poor run of form, winning only one of their last six serie a games. the former captain will replace him. and time now to leave you with 10 seconds of a deer prancing around in the snow in a garden in ayr as it is sweeping across parts of the uk. the deer was spotted in jackie�*s parts of the uk. the deer was spotted injackie�*s garden and she said, "as you can imagine, it was a really beautiful surprise." you�*re all caught up now. see you later. the art of good conversation is to say the right thing at the right time and in the right way. you have to be original, sympathetic, encouraging, and also keep an open mind. and you
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really dojust need also keep an open mind. and you really do just need to sit back and listen. influential with me katty kay. watch on bbc iplayer. hello and welcome to sportsday with me, marc edwards. the date is set for a hearing into manchester city�*s alleged breaches of financial rules. saudi arabia avoid an upset as they see off 0man in the asian cup. rugby bombshell as rees zammit quits the sport to try to fulfill his nfl dreams.
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welcome to sportsday. the premier league chief executive, richard masters, says a date has been set for the hearing into manchester city�*s alleged breaches of financial rules. premier league champions city were charged with 115 breaches in february 2023 but are yet to face a hearing while everton and nottingham forest were charged for breaching league profit and sustainability rules on tuesday. here is the bbc sports editor dan roan. you understand why fans of those two clubs perhaps are asking whether they�*re being treated somewhat differently to manchester city for example. masters was asked about this today. he defended the process in effect but he also made clear that the situations are very different but he could understand the frustrations of fans. iii understand the frustrations of fans. ., , . ,
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fans. if any club whether the current champions _ fans. if any club whether the current champions or - fans. if any club whether the i current champions or otherwise had been — current champions or otherwise had been found

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