tv Asia Business Report BBC News April 8, 2024 2:30am-2:46am BST
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i'm steve lai. the us treasury secretary janet yellen, on a visit to china, says relations between the two countries have improved because of tough conversations. this came after she raised concerns about china's overproduction of electric vehicles, solar panels and other clean energy product's with the premier. she says the huge subsidies china provides to companies gives them an unfair advantage over foreign firms. for his part, the premier was optimistic about the outcome of yellen�*s visit. translation: i about the outcome of yellen's visit. translation:— about the outcome of yellen's visit. translation: i have read oane visit. translation: i have read online reports— visit. translation: i have read online reports about _ visit. translation: i have read online reports about your- visit. translation: i have read online reports about your visit . online reports about your visit and from the moment you touched down, chinese citizens have been enthusiastic and continuously commenting. in fact, this reflects their expectations for the outcome of your visit. expectations for the outcome of our visit. ,, , , expectations for the outcome of your visit-— your visit. stephen olsen says the us and —
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your visit. stephen olsen says the us and china _ your visit. stephen olsen says the us and china will - your visit. stephen olsen says the us and china will continue to be challenged by fundamental differences. i to be challenged by fundamental differences-_ differences. i think talking is alwa s differences. i think talking is always better _ differences. i think talking is always better than _ differences. i think talking is always better than not - differences. i think talking is | always better than not talking so for that reason alone the meetings are positive but in my judgement, at least, i don't expect anything to come out of the discussions that will significantly move the needle on the overall bilateral relationship. china will continue to, correctly or incorrectly, claim that china the united states is determined to block its peaceful rise and the united states will continue to claim that china engages in a host of predatory economic and trade policies which threaten the rules —based global system. those are the perceptions that were entrenched before the meeting started and whenjanet entrenched before the meeting started and when janet yellen gets on a plane and flies back to washington and those perceptions will remain entrenched.— perceptions will remain entrenched. , . ., , entrenched. janet yellen was in china a year _
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entrenched. janet yellen was in china a year ago, _ entrenched. janet yellen was in china a year ago, have - entrenched. janet yellen was in china a year ago, have things . china a year ago, have things changed?— china a year ago, have things chanced? 1, _, , ., china a year ago, have things chanced? 1, , ., ., changed? both countries have an interest at this _ changed? both countries have an interest at this point _ changed? both countries have an interest at this point in _ interest at this point in trying to improve the mood music, if you will, to at least signal to the rest of the world that they are stabilising the relationship and the relationship and the relationship is being managed well. and i think you see that coming through clearly in the messaging. i thought secretary yellen on a couple of occasions saying work remains to be done but we have really put the relationship on a more stable footing. i think she is acknowledging that she does not expect any real breakthroughs in this round of meetings but she does want to emphasise to the outside world that the relationship is being stabilised and i think that is important for both countries and china, of course, is trying to signal to the international business community that china should remain at the top of their list as a business investment destination. the
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other diplomatic _ investment destination. the other diplomatic trip i wanted your thoughts on is that japan's prime minister fumio kishida expected to visit the us. . ., ., kishida expected to visit the us. ~ ., ., , ., kishida expected to visit the us. what are your expectations there? i think _ us. what are your expectations there? i think biden _ us. what are your expectations there? i think biden and - us. what are your expectations there? i think biden and his - there? i think biden and his japanese counterpart will give each other a big bear hug and warmly embrace each other. i think they are going to stress the importance of both the economic relationship as well as the security relationship and if at all possible try to move this relationship even closer together. of course the £800 gorilla closer together. of course the £800 gorilla sitting in the room during these discussions will be nippon steel and us steel. the us president, presidential election looming in the not—too—distant future i don't think biden really has the political manoeuvrability to substantially change his position on that issue so that is something the leaders will have to carefully manage. irate have to carefully manage. we will be keeping a close eye on
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those meetings as well. an official investigation is under way in the united states after the engine cover of a boeing 737 800 aircraft dislodged on sunday during takeoff in denver, striking its wing flap. the southwest airlines flight which was headed to houston returned safely to denver international airport. southwest airlines says its maintenance teams are reviewing the aircraft after the incident. boeing, which has beenin incident. boeing, which has been in the spotlight recently over manufacturing and safety concerns, declined to comment. let's have a look now at what is coming up on the economic calendar. 0n is coming up on the economic calendar. on wednesday the united states will release key inflation data for the month of march. prices picked up in february and that makes the case interest rate cut this year a bit trickier for case interest rate cut this year a bit trickierfor the federal reserve. inflation data from china will be watched as well to see if things are turning around for the economy. 0n turning around for the economy. on friday, trade data which will be key to help us understand why manufacturing activity in china has expanded
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for the first time in six months. combined figures for january and february showed that imports and exports increased, signalling a recovery in global trade which could be under way. a lot of the focus will be on the united states. ., ., ., states. core inflation in the us will appear _ states. core inflation in the us will appear to _ states. core inflation in the us will appear to divest -- | us will appear to divest —— divert. and month on month inflation will remain elevated at the headline level and you could see the line jump to 3.4% from 3.2%. on the other hand declining core inflation will be supported by slowing inflation and a decline in prices. that keeps in place the support for rate cuts from the fed even if headline inflation
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remains along the rest of the world, i must add that the strength of the us market and supply chain disruptions there is really no urgency at this point in time. i think the fed pause will extend well into the second half of this year. currently only i% of textile waste is a buckled —— recycled into new clothes. the fashion industry is the second largest industrial polluter, accounting for 10% of global pollution. making it higher than emissions from air travel. but the british menswear designer told my colleague that he hopes to usherin my colleague that he hopes to usher in a cultural shift from fast fashion to slow fashion and urges otherfashion brands to follow suit. and urges other fashion brands to follow suit.— to follow suit. what trying to do is encourage _ to follow suit. what trying to do is encourage and - to follow suit. what trying to do is encourage and it - to follow suit. what trying to do is encourage and it is - to follow suit. what trying to do is encourage and it is a i to follow suit. what trying to | do is encourage and it is a big piece of education, our customers to bring their clothing back to us when they have finished with it and then
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we will decide on what the afterlife process is for that piece of clothing. the idea was to tell our customer, look, if you have finished with something or something you do not really wear that much or it might be threadbare and you have worn it to absolute death, because we use a lot of pure fabric we can offer many different types of and use for the clothing. so we are encouraging and educating, trying to educate our customers that this is a very good idea. what will encourage them to make that move? to physically come to your shop to hand a thing in or actually make the effort to post things back to you, what is the encouragement to do that?— to do that? first and foremost the are to do that? first and foremost they are being _ to do that? first and foremost they are being responsible. i to do that? first and foremostj they are being responsible. so in itself that will be part, i hope it will become a part of their everyday habits as far as clothing is concerned. secondly
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we will offer them a discount on their next purchase. the fashion industry _ on their next purchase. the fashion industry is - on their next purchase. the fashion industry is a - on their next purchase. the fashion industry is a huge polluter and many organisations within it, big and small such as yourselves are extremely aware of that and trying to take action. to what extent do you think you can impact the narrative on that? i you think you can impact the narrative on that?— narrative on that? i hope to im act narrative on that? i hope to impact the _ narrative on that? i hope to impact the narrative - narrative on that? i hope to impact the narrative in - narrative on that? i hope to impact the narrative in a . narrative on that? i hope to i impact the narrative in a major way. i would definitely want to talk to online businesses that are sending out perhaps six or seven dresses to somebody in the customer is only taking one and then the dresses are not returned to the company, they are actually put directly into landfill. so there are two things here. one thing is that you need to say to high street simply that that is wrong and secondly you need to educate the customer, otherwise a lot of these businesses are finding
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it too expensive to recycle that unwonted product around their business and that is embarrassing. it is shameful. do you think consumers are becoming more climate conscience? —— conscious? that becoming more climate conscience? -- conscious? at a certain end. — conscience? -- conscious? at a certain end. yes _ conscience? -- conscious? at a certain end, yes but _ conscience? -- conscious? at a certain end, yes but at - conscience? -- conscious? at a certain end, yes but at the i certain end, yes but at the other end i don't know if they really are. i think they think they are climate conscious but not when it comes to coming out on a friday night.— on a friday night. how much greenwashing _ on a friday night. how much greenwashing is _ on a friday night. how much greenwashing is there i on a friday night. how much | greenwashing is there within the fashion industry, do you think? the big problem right now is the fact that the ceo of a big business wants to make the right decision but the financial controller of that business and probably a number of the shareholders look at the ceo like he is absolutely mad because at the end of the day to recycle closing costs money
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and it has got to be part of our responsibility. it will become legislation and those companies that do not keep up with that legislation are going to get themselves into trouble over the long run. that was 0liver spencer speaking to my colleague sally bundle. that is it for this edition of asia business report. hope you have a great day and we will see you at the same time tomorrow. —— sally bundock. it certainly was a windy weekend but the winds are going to be much lighter on monday because storm kathleen to the north is weakening and moving away but we do see more cloud coming from the south across england and wales and this area of low pressure takes rain northwards as well.
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clearer skies, scotland and northern ireland, will mean a chilly start here. we've got the early rain in north wales and northern england moving northwards and largely petering out across southern scotland. later in the day, we'll see some rain arriving in northern ireland. this rain in the south—west of england pushes back into wales, and some showery bursts of rain arrive in southern england and later into the midlands. but ahead of that, we'll get some sunshine for a while in the midlands and eastern england, so temperatures back up to a healthy 17 or 18 degrees. now, if you're hoping to get a view of the partial solar eclipse in northern and western parts of the uk — well, it could be spoiled by all this cloud that's coming in, and the outbreaks of rain, as well. now, we've seen the back of one area of low pressure, but there's another one arriving. this is one that's going to sit around overnight and into tuesday, and it's going to take the rain northwards, all the way into scotland by tuesday morning. the rain, curving back into england and wales around the low, turning to drift away eastwards into the north sea, allowing brighter but more showery weather to come into southern and western areas, and the winds will be picking up, as well. we're looking at gale force winds around some southern and western coasts of england and wales, and with the winds
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picking up, and that cloud and showery rain around, temperatures are going to be a lot lower. it's going to be a cooler day on tuesday. our top temperatures are only 11 or 12 degrees, and that's because we're seeing this north—westerly wind picking up on tuesday, into tuesday night. but i don't think that cool air is going to last long. out in the atlantic, there is milder air, and that's following this weatherfront, which is going to bring cloud and rain in from the west. ahead of that, though, eastern areas starting dry on wednesday, with some early sunshine, but soon clouding over. rain in the west pushes eastwards, heavier rain for a while, northern ireland, the hills and north—west england and also into scotland, lighter rain as you head further south across the uk. but it's gradually getting a little bit warmer on wednesday despite all that cloud —14, maybe 15 degrees. but the wind direction is changing — we're getting a south—westerly wind. that is going to bring warmer weather back across the whole of the uk towards the end of the week, and temperatures could be back up to around 20 celsius at best.
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