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tv   Asia Business Report  BBC News  March 5, 2024 12:30am-12:46am GMT

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congress will get under way in a few hours. the annual session of parliament sets the political agenda for the year. it is mostly a political performance in which rubber—stamped decisions by the communist party are already made behind closed doors. beijing officials say the world's second economy grew by 5.2% last year. but it is facing several headwinds, including a property bubble that's burst and weak domestic spending. i spoke to china expert louise loo, from oxford economics, who weighed in on how beijing is likely to prop up the economy. i think one, it's really about stabilising. policymakers will be using this platform as a way to anchor confidence. so whatever they've announced, you'll be mindful of how the markets will perceive that. so i think we have a confidence crisis stemming from the property sector, which is obvious to correcting. but in order to really overcome that
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economy now is important to anchor confidence. in doing that comes from projecting really clear, decisive policies to win the economy. 50 really clear, decisive policies to win the economy. so when it comes to _ to win the economy. so when it comes to confidence, _ to win the economy. so when it comes to confidence, we - to win the economy. so when it comes to confidence, we are i comes to confidence, we are seeing china struggling with that. do you see them introducing measures to boost spending because eli would say nine months ago, it would've seemed unlikely. but now the barfor stimulus is much higher. it's almost become a bit of a necessary condition for them to introduce something on the consumption side, to really boost the economy around 5% this year. really boost the economy around 5% this year-— 596 this year. china is already saddled with _ 596 this year. china is already saddled with debt, _ 596 this year. china is already saddled with debt, what - 596 this year. china is already saddled with debt, what sort| 596 this year. china is already l saddled with debt, what sort of stumble illness can they offer? a lot of stimulus will have to come from the government. local governments have taken... been quite involved in the stimulus, i think this year they'll be doing a lot of that. in terms of what kinds of things they can do, we talk a lot about infrastructure spending in the past, i think people often
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forget that china is an economy that still has lots of room for infrastructure spending, especially new infrastructure. manufacturing is the one sector we can expect to see a lot of push, and on the demand side we could see more stimulus coming through on assisting households with the cost of living, with chasing some of these big items that seem to be floated around in policies in recent weeks. us business leaders are also paying close attention to what chinese officials have the say, as geopolitical tensions have eroded confidence for many american companies that rely on doing business there. could that sentiment improve? here's what eric zheng, president of the american chamber of commerce, had to say about investment ties between washington and beijing. in the past, the chinese government tended to focus more on the supply side by investing in infrastructure. and i think at this point, there is a lack
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of consumer confidence. so how do we get the consumers to start spending? that's a big challenge for now, we see bank deposits going up while spending goes down in the last few years, particularly during covid. so i think the government does have a tool box to apply to stimulate the growth by focusing on the consumer side. and i think there are talks about a programme to support households, in terms of replacing some major ticket items like home appliances, automobile purchases replacing the existing ones. so i think that'll be a focus — that should be a focus for the government to stimulate consumption, rather than simply focusing on investing in
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infrastructure. understand ou've infrastructure. understand you've said _ infrastructure. understand you've said in _ infrastructure. understand you've said in the - infrastructure. understand you've said in the past - infrastructure. understand| you've said in the past that us china relations are better than in previous years, so how much better can the economic space impact the political space? geopolitical tensions have been a concern forforeign investors in china, including american companies— many of those are members, and because of the uncertainty, because companies look for predictability. so since last year, i think the two sides of the governments have tried to stabilise the bilateral relationship with very high—level talks between the two governments, and that's a good sign, and hopefully the newly established channels of communications between the two governments will continue, and us business will certainly provide our support. and i think overall, we are hopeful
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that the bilateral relationship will remain stable so that we can pursue business opportunities in china for the long term. in other news — apple has been slapped with a $2 billion fine by the european union, for breaking competition laws over music streaming. according to the european commission, apple abused its position in the market by preventing streaming services from informing users of alternative payment options, outside of the app store. this is illegal under eu anti—trust rules. apple however is set to appeal the decision, saying in a statement that there was no evidence consumers were harmed. the stock was down over 2% on wall street. now, elon musk made headlines for suing open ai and its ceo sam altman last week. this week, he's facing a lawsuit of his own. for more, erin delmore filed this report in new york. elon musk is being accused of unfairly depriving for top
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twitter executives out of their severance. the former execs say mr muscat owes them more than $128 million collectively, and they are suing —— elon musk. here's the discrepancy. elon musk set at the time that you fired them for cause, and therefore he didn't need to pay them severance. but the former executives say that's not true. they've been on the forefront of efforts to make elon musk follow through on his acquisition of twitter after he offered, then backed away. the group includes twitter�*s former chief executive, the former chief executive, the former chief financial executive officer, the former chief legal officer, the former chief legal officer and general counsel. the lawsuit was filed in federal court in california on monday. there are more than 25 safe and effective vaccines to prevent disease. but millions still die every year because the vaccines don't get to the people that need them. one company has been looking at ways to streamline the process and in doing so save lives. my colleague lara lewington, from bbc�*s click show, went along to find out
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chicken ngounoue is one of the infections that spread by mosquitoes. it's usually confined to sub—saharan africa but has started to spread. one vaccine is just been approved by the food and drug administration in the us, but others are working on it too. one of them is the bristol based start up mo for on. it's developed a new synthetic protein called adobo. the protein called adobo. the protein is adorned with parts of the target virus but is not infectious itself. it's a different approach to how other vaccines like the covid—19 ones were made — but there's one big advantage. it were made - but there's one big advantage-— advantage. it can be produced, started, transported _ advantage. it can be produced, started, transported and - started, transported and brought to the people at nbn temperatures i can go up to 50 degrees. this is a big advantage to other vaccines which depend on a functioning portrait.
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which depend on a functioning ortrait. ~ ., , ., which depend on a functioning ortrait. ~ ., , ., , ., portrait. millions of doses of vaccines are _ portrait. millions of doses of vaccines are lost _ portrait. millions of doses of vaccines are lost every - portrait. millions of doses of vaccines are lost every year| vaccines are lost every year because of inadequate refrigeration, especially when being sent to developing countries.— being sent to developing countries. ., ., , , being sent to developing countries. ., ., ,, , countries. part of the issue is transferring _ countries. part of the issue is transferring the _ countries. part of the issue is transferring the vaccine - countries. part of the issue is transferring the vaccine from | transferring the vaccine from distribution where it is kept and restrictions to where it is going to be distributed to administered. when he gets to the facilities where it'll deploy the vaccine, often there's not much refrigeration that's going to be administered. �* ., , administered. and other big advantage — administered. and other big advantage of _ administered. and other big advantage of the _ administered. and other big advantage of the technique | administered. and other big - advantage of the technique used here is a can be synthesised to target more than one disease in one shot. 50 target more than one disease in one shot. , one shot. so when we put it into the microscope, - one shot. so when we put it into the microscope, the - into the microscope, the electron beam can go through it and we will see the vaccine particles. and we will see the vaccine particles-— and we will see the vaccine articles. . ., , . .,, u, particles. the microscope can zune it -- _ particles. the microscope can zune it -- zoom _ particles. the microscope can zune it -- zoom into - particles. the microscope can zune it -- zoom into .1- particles. the microscope can zune it -- zoom into .1nm i zune it —— zoom into .1 nm detail— that's zune it —— zoom into .1 nm detail- that's 110,000,000th of detail— that's110,000,000th of a detail- that's 110,000,000th of a millimetre. these are all images may not look like much to you or me, but that is a vital part of the process. if they do succeed, the
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possibilities in other areas could be huge too, such as cancer vaccines that train the body's immune system to make antibodies against a tumour. this is a small company though up this is a small company though up against a big challenge and big pharma — and these vaccines aren't in humans yet, so there's a way to go. french lawmakers have proposed to tax fast—fashion brands to offset their environmental impact. they say companies like the chinese manufacturer, shein, encourage excessive spending and unnecessary pollution by offering thousands of new products every day. a penalty of up to ten euros per item, or up to 50% of the selling price has been suggested. it would come into force by 2030 if the bill passes. shein told french media it follows "best international practices" when it comes to sustainable development and social commitment.
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the ceos of both companies us airlines jetblue airways and spirit airlines are ending their $3.8 billion merger agreement. the ceos of both companies cited regulatory hurdles as the main reason for ending their deal to join forces. spirit will now have to turn its troubles around on its own, but will receive $69 million from jetblue as part of the termination. and that's it for this edition of asia business report. thanks for watching. bbc news — bring you different stories from across the uk. time stories from across the uk. one ofthe stories from across the uk. one of the hardest _ stories from across the uk. one of the hardest things _ stories from across the uk. one of the hardest things i _ stories from across the uk. que: of the hardest things i ever went through was my sister phoning me, barely able to talk, telling me that dad had passed on. talk, telling me that dad had passed on— talk, telling me that dad had passed on. talk, telling me that dad had assed on. ., ., passed on. some came today to remember _ passed on. some came today to remember loved _ passed on. some came today to remember loved ones. - passed on. some came today to remember loved ones. others l passed on. some came today to | remember loved ones. others to raise awareness of how for many, covered lives on. many of the bereaved _ many, covered lives on. many of the bereaved were _ many, covered lives on. many of the bereaved were unable - many, covered lives on. many of the bereaved were unable to - the bereaved were unable to gather at funerals, to be with their loved ones when they lost people. and for many, this will be the first time today that
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they've been able to come together with others who understand what that grieving process was like.— process was like. they said onl for process was like. they said only for can _ process was like. they said only for can go _ process was like. they said only for can go to - process was like. they said only for can go to the - process was like. they said i only for can go to the funeral, but there's five of us, we are two — but there's five of us, we are two of— but there's five of us, we are two of five _ but there's five of us, we are two of five. so one sibling couldn't _ two of five. so one sibling couldn't go then.- two of five. so one sibling couldn't go then. she spoke about the — couldn't go then. she spoke about the impact _ couldn't go then. she spoke about the impact on - couldn't go then. she spoke | about the impact on children with special needs. i about the impact on children with special needs.— with special needs. i think what happened _ with special needs. i think what happened is - with special needs. i think what happened is the i with special needs. i think l what happened is the adults expensing the fear, hopelessness and depression, it's hung as a cloud over people from the pandemic. so i think that's being passed on to the younger people.— think that's being passed on to the younger people. while many --eole the younger people. while many people have _ the younger people. while many people have moved _ the younger people. while many people have moved on, - the younger people. while many people have moved on, others l people have moved on, others are still coming to terms with the deep impact covid has had on their lives. for more stories from across the uk, head to the bbc news website. hey, i'm zoph with the catch up. tonight — a new documentary on sarah everard, a real—life james bond speaks out, and a strange sighting in the us.
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the detective who led sarah everard's investigation has told us about the moment she found out her killer, wayne couzens, was a serving met police officer. sarah was abducted, raped, and murdered by wayne couzens as she walked home in 2021. a detective told the bbc about the shock of having to break the news to her boss. i knew i had to tell my boss, and i canjust remember the shock of having to just sit on the floor of the office and say to her, "you're not going to believe this, but he's a police officer." and then, the same questions went through her head and went through my head — "are you sure?" sarah everard: the search forjustice is on bbc one at 9pm on tuesday, and will also be available on bbc iplayer. next — apparently working
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for mi6 can be more exciting than a james bond film. that's according to a director at the uk's secret intelligence service. the officer said that throughout his career, he has seen things way more than what you see in the spy movies. time to leave you now with ten seconds of tumbleweed. no, really, actual tumbleweed is all over the streets of the us because of high winds of up to 35mph. hopefully, that's the last time we see any tumbleweed on this show. it fully looks like a pull out of my hairbrush — it does not look good. see you later. -- it —— it looks like the hair that i pull out of my hairbrush.
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hello, welcome along to sportsday. i'm sarah mulkerrins. coming up on the programme — a goal fest for the gunners. they hit six against sheffield united to keep pace in the premier league title race. a big miss forjump racing's biggest festival as constitution hill is ruled out of cheltenham. and plans begin to bring the world athletics championships back to the uk in 2029.
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you're very welcome along to the programme wherever you are watching around the world. well, arsenal have kept up the pressure in this season's title race in the premier league. the gunners hammered bottom side sheffield united 6—0 to move two points behind leaders. liverpool and arsenal became the first english league side to win three away games in a row by a margin of five or more goals. captain martin odegaard opened the scoring just five minutes into the game. ajayden bogle own goal, along with scores from gabriel martinelli, kai havertz and declan rice, had many of the home fans leaving early at bramall lane. ben white then rounded things off after the break as the blades improved a little in the second half. so mikel arteta's side
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are third, but sheffield united remain rock—bottom 11 points from safety with 11

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