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tv   Asia Business Report  BBC News  March 20, 2024 2:30am-2:46am GMT

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has met with his counterpart penny wong. it's his first official visit in seven years. he said their relationship is on the right track. he said china has learned lessons and will stay committed to mutual respect. relations have been tense between the two nations, after a series of trade tiffs over agricultural products and wine. despite that, china remains australia's largest trading partner, with two—way trade rising 12% to over $316 billion last year. last week, beijing proposed lifting all tariffs on australian wine, which could end a three—year long dispute. we spoke earlier to former trade and tourism minister steven ciobo. i welcome the removal of these trade impediments and we have reiterated our desire for the removal of impediments on beef
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and lobster. we discussed recent volatility in nickel markets and i made the point that predictability in business and trade is in all of our economic interests. we spoke earlier to former trade and tourism minister steven ciobo. there has without any doubt been a long period now of strained bilateral relationships. this visit signals in many respects a stabilisation of the relationship. note that both sides referred to stabilisation rather than normalisation, which i think in many respects contains the genesis of this. slowly slowly, perhaps, the steps towards normalisation. china proposed it would halt all australian wine tariffs, ending a three—year—long dispute. is this a sign of things to come, especially on the trade front that there is room for progress? a lot of room for progress. we've come a long way from when the former government put in place the trade agreement between australia and china.
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some backsliding that took place over a number of years. consistent with the fact that the bilateral relationship was under significant pressure. a lot of those pressures still exist today. much of china's more assertive posture in the south china sea continues. since then, we've seen australia move forward with aukus, putting pressure on relationships. the fact that both sides are doing what they can to try to stabilise the relationship is a positive. of course, china remains for australia, as indeed it does for many countries, the single largest trading partner. that is always a critical factor. the top us aviation regulator had sharp words for boeing after a recent visit to their facilities. our correspondent has more from new york. the federation _ has more from new york. the
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federation will _ has more from new york. tue: federation will aviation administration chief said its time boeing focus less on production and more on safety and quality. he said their priorities have not been there. he visited their facilities and spoke about his impressions and findings on an interview for the nbc. he called out issues around the safety culture at boeing, and his comments, as boeing, and his comments, as boeing remained under the microscope for federation aviation officials, lawmakers, businessmen and travellers after a january incident when a door blew off and alaska airlines jet door blew off and alaska airlinesjet mid—flight door blew off and alaska airlines jet mid—flight leading to an emergency landing. a report by the national transportation safety board found that the bolts intended to hold the door plug plays were not where they needed to be when the plane left the boeing facility. since then, there safety practices have remained in the spotlight. boeing said in a statement it is taking significant action to
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strengthen safety. it says it is focused on demonstrating change and building trust, one aeroplane at a time. it said the increased scrutiny will make them better. also in the us, its central bank has started a two—day policy meeting, and a decision on interest rates is expected later today. but how are borrowing costs affecting businesses in the world's largest economy? the bbc�*s michelle fleury sent this report. she thought you would have to close her doors for good but business picked up and she has
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hired new stylists. it business picked up and she has hired new stylists.— hired new stylists. it actually started picking _ hired new stylists. it actually started picking up _ hired new stylists. it actually started picking up the - hired new stylists. it actually started picking up the week. started picking up the week after new year. i believe the talk of interest rates going down, inflation going down, and thenjust everyone down, inflation going down, and then just everyone wanting to get back out there... then just everyone wanting to get back out there. . .- then just everyone wanting to get back out there... after the federal reserve's _ get back out there... after the federal reserve's aggressive l federal reserve's aggressive campaign to tame inflation, many are now eagerly awaiting the fed's first rate cut to keep the economy humming. including on the campaign trail. the fed is looking at multiple interest rates cuts this year to boost the economy in the run—up to the november presidential election. with the cost of services spiking, jerome powell and his fellow policymakers are likely to keep rates unchanged for a fixed—rate time, wanting more evidence that inflation is returning to the 2% target. the risk is that the current economic strength won't last. the us economy is strong, inflation coming down towards
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the 2% target, but the longer they keep their foot on the brakes, the more likely something goes wrong. for small businesses _ something goes wrong. for small businesses preparing _ something goes wrong. for small businesses preparing for - something goes wrong. for small businesses preparing for what - businesses preparing for what they hope will be another surge in demand, the fed's first cut can't come soon enough. after commissioning a record number of shows, and was finally doubling down on plans in india. at this event in mumbai, the big global bosses of amazon have announced shows across lots of genres and languages. india is swiftly becoming one of amazon's most important markets. we
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becoming one of amazon's most important markets.— important markets. we look at the next 250 — important markets. we look at the next 250 million _ the next 250 million subscribers which are definitely going to come from outside the us. we are not going to achieve that unless we do a really good job for customers in india. more people in the world are signing up for prime in india, and video is the number one reason they sign up the number one reason they sign up in india. in any given week in 2023, indian content was watched in over 210 countries. it is a busy space with the likes of netflix and others jostling for the eyeballs. with a recent merger, amazon is having to raise its game. growth in the indian odt market is outpacing most other countries in the world. revenues are currently about $1.8 billion but expected to double in the coming years. that provides the likes of amazon prime video a long runway for growth.
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today is the united nations' international day of happiness. since 2013, the un has dedicated the 20th march to spreading awareness about the importance of happiness and mental well—being, including in the workplace. but with the rise of quiet quitting and employee stress levels, what more can be done to encourage joy at work? one country is doing particularly well. nick powdthavee, economics professor at nanyang technological university in singapore. singapore has always been top in terms of happiness report rankings, and of course this is based on how satisfied we're with life — that doesn't necessarily mean we would be very happy with our job overall. so we know that things like if you have high income, security, high status, good health, these kinds of things those are big determinants of life satisfaction.
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in terms ofjob satisfaction could be a different matter. i understand, we all know happier workers are more productive. so in that regard, what should employers be doing to encourage that kind of environment? where we think aboutjob satisfaction, we tend to think about money. the higher salary you have, the most satisfaction in terms of how yourjob should be, that's not really the case. we actually tend to underestimate the importance of having a competent boss, for example. somebody who would acknowledge our work and give feedback. that's one of the big determinants of job satisfaction. we also talked about the importance of short commutes and having autonomy in the workplace, about how and when you do the tasks, which is part of that happiness for individuals in work.
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microsoft has announced that the british artificial intelligence pioneer mustapha suleiman will lead its new division microsoft ai. he founded deep mind, which was bought by google in 2014. i will be back in the next hour.
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hey, i'mjulia with the catch up. tonight, a big day for wales, power to the football fans, and james bond rumours are flying. but we'll start in essex, where the first person in england and wales is going to jail
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for cyber—flashing. 38—year—old nicholas hawkes pleaded guilty to sending pictures of his genitals to a 15—year—old girland a woman. he's been sentenced to more than a year in prison for causing alarm, distress or humiliation. it's a new part of the online safety act that was passed in january this year. some other stories now. in cardiff, mark drakeford has wrapped up his final day as welsh first minister. he's had the job for five years and was given a standing ovation after an emotional goodbye. the new welsh labour leader replacing him is vaughan gething, and he'll be the first black leader of any country in europe. a new law is being set out that would give more power to football fans. if it passes, there would be an independent regulator, separate from politicians and football authorities, that would keep an eye on the top five divisions of men's football in england. and who's going to play the next james bond? well, the sun newspaper reported that avengers star
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aaron taylor—johnson has been offered the role, although the bbc asked him as well as the company that makes the bond films, and we haven't heard back. i'll leave you with ten seconds of spring celebrations. yes, over 300,000 people are dancing, shopping, feasting and enjoying family reunions as an ancient persian new year's custom. so happy spring to everyone who's celebrating. and that's you all caught up now. have a good night. hello and welcome to sportsday — i'm gavin ramjaun. coming up on the programme. english football's new era, as the creation of the first independent regulator for the men's game is introduced by the uk government. chelsea are in complete
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control in the netherlands as they blow away ajax — their sights set on a women's champions league semi—final spot. and neutral athletes from russia or belarus won't be a part of the paris 2024 opening ceremony. we'll tell you why shortly. hello and welcome to the programme. it could be the start of an historic new era in english men's football — the creation of the first independent regulator moved a step closer, after the government introduced new proposals. if passed into law, a new body would oversee clubs across england's top five tiers, independent of government and the footballing authorities. here's our sports editor, dan roan. whether it's controversy over teams docked points for overspending, clubs getting into financial difficulty,
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or the threat of a european super league, english football has faced various crises in recent years. and today, the government published legislation that will establish the game's first independent regulator. we have seen 64 administrations since the premier league formed in 1992. today, this bill makes sure it will bring financial resilience and stability back into football so we don't see those clubs go under. it comesjust days after the premier league failed to agree a proposed £900 million funding deal that would have seen it share more with clubs like this, leyton orient of league 1. i was hugely disappointed, the government been clear from the outset in these discussions that if football didn't come to a deal, the regulator would be able to in the bill we were going to bring forward. as well as the power to impose financial settlement on the game, and block clubs
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joining breakaway league,

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