tv Asia Business Report BBC News February 20, 2018 1:30am-1:46am GMT
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our top story: students have staged a protest outside the white house, demanding action on gun control. president trump has said he supports efforts to improve background checks on gun buyers in the wake of the florida school shooting that left seventeen people dead. a unicef report on global infant mortality has found that many newborn deaths are preventable. around the world, 2.6 million babies die each year before turning one month old. and this story is popular on bbc.com. fast food chain kfc has been forced to temporarily close around six hundred of its restaurants across the uk and ireland after delivery problems caused them to run out of their most important ingredient — chicken. kfc said it had been let down by a company that took over its supply chain last week. that's all from me for now. stay with bbc news. and the top story here in the uk. theresa may has launched her year—long review of higher education
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funding in england, but has already ruled out completely scrapping tuition fees. the prime minister said she understood the "serious concerns" of students who struggle to afford the cost of studying for a degree. now on bbc news, all the latest business news live from singapore. a changing of the guard at hsbc. willa a changing of the guard at hsbc. will a new a changing of the guard at hsbc. willa new leadership mean more profits for the banking giant? and richard branson tells the bbc about his plans to build the hyperloop train in india. its tuesday. good morning, asia. hello, world. glad you could join us. hsbc will have a new ceo taking the helm today after major restructuring turned its
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fortu nes major restructuring turned its fortunes around. uk—based lender reports full earnings and many will be watching for signs that the bank's pivot to asia will be a success. bank's pivot to asia will be a success. in the third quarter of last year, nearly 90% of its pre—tax profit came from here in the region. asia has been a key driving growth in the loans, insurance and wealth management business. the bank is betting big on the pearl river delta, the world's most populous urban area, by investing billions of dollars in infrastructure and the area but as stuart gulliver hands over tojohn flint, area but as stuart gulliver hands over to john flint, will this strategy continue? hsbc is in a sense of an asian bank, it makes most of its profit out of hong kong.
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the uk is not even second or third. but aren't they putting too many eggsin but aren't they putting too many eggs in one basket? are they betting too much of asia? it's a global bank. yes, but in all these years, hong kong and asia has been the anchor underpinning hsbc. hong kong's retail business is the engine which keeps the bank going. how different for the management bile —— management style be? stuart gulliver, oxbridge, trader, global. john flint, polytechnic, sportsman, on the ground, retail builder. i expect to see john flint on the ground, retail builder. i expect to seejohn flint on the ground and working the machinery and bringing it back to what its original focus bringing it back to what its originalfocus is which is bringing it back to what its original focus is which is asset heavy mortgages, retail, wealth management, those types of businesses. let's create a job
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description forjohn flint. john flint has to demonstrate a digital strategy for the bank, it is the one global bank which doesn't seem to that articulated one very strongly. he needs to up the fees side of the business and not be so asset dependent on the cost part, it is still nagging. he needs to work on that to bring global costs down.‘ to 2018 seems to be rising inflation. will hsbc biela to use it to their advantage? hsbc is the most organic commercial global bank. the others have been making money from trading accounts, investment banking, global strategy. hsbc trading accounts, investment banking, globalstrategy. hsbc is trading accounts, investment banking, global strategy. hsbc is on the ground, a retail bank and that is where it will be seeing more benefit from rising interest rates than the other banks. how will brexit impact it? or will they be
quote
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shielded? brexit is a distraction. look at the numbers. despite the good topline numbers, the bottomline is very challenged. brexit will add a lot more cost. the idea of having a lot more cost. the idea of having a front in london and others and so on, it will be a distraction. in other business news, five central american countries will sign a free trade arrangement with south korea this week after more than two years of talks to ease tariffs and barriers on a range of products. costa rica, el salvador, honduras, nicaraguans, and panama will sign on to the deal. guatemala will remain outside pending negotiations. central america imported more than $1 billion from south korea and exported $143 million to the country. finger licking but gone
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missing. kfc has ruffled a few feathers after closing hundreds of its restaurants across the uk and ireland because of a shortage of chicken. the problem arose over the weekend after the fast food chain switched its contract to dhl. the delivery company has blamed the problem on operational issues. kfc apologised saying it let customers down but getting chicken to 900 restau ra nts down but getting chicken to 900 restaurants is very complex. richard branson restaurants is very complex. richard bra nson wants to restaurants is very complex. richard branson wants to bring a futuristic hyperloop style train system to india. he signed a preliminary arrangement with the prime minister to build a route that will connect the cities of pune and mumbai and 25 minutes, saving three hours. we met with him and asked whether this could become a reality. look, there are going to be naysayers at the start of any new
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industry and our right to be naysayers until we have actually proven wrong. the upside of it is gigantic. trains made a very big difference to india in the last century. i believe that hyperloop will be the giant step forward that india needs. hyperloop can connect most of the major cities in india in well under two hours. you have to make sure that the cost is reasonable because the cost of building is too high. certainly in countries like india where basic transportation and infrastructure is an issue. a lot of governments might find the idea interesting but the project cost could be too high and they would get turned off. firstly, they would get turned off. firstly, the cost of building hyperloop would be private money. the cost to the passenger of travelling on a virgin hyperloop will be competitive with any high—speed train and we believe quite a lot less. we think we can
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build virgin hyperloop for a lot less tha n build virgin hyperloop for a lot less than you can build a high—speed train. therefore, we should be able to charge less. recent deal friend and rival elon musk launched the fault can heavy rocket. you said you area bit fault can heavy rocket. you said you are a bitjealous. fault can heavy rocket. you said you are a bit jealous. you said it could be this year? i would be very disappointed if it's not this year. before other people go up, we'll have our break, test pilot is going up. andi have our break, test pilot is going up. and i will go up. will we see you going up this year? i would obviously love to go up this year so we will see how it goes. you've been trying to do this a long time. as elon musk increased the pressure? trying to do this a long time. as elon musk increased the pressure7m this business, there must be no pressure. we spent 12 years getting this part. we will not rush unnecessarily to be the first to put
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people into space. if we happen to be the first to put people into space, i hope elon musk would do the same but we'll see how it goes. the reason he has not put people into spaceis reason he has not put people into space is because he wants to be sure of their safety. stating that india and canada's prime ministerjustin trudeau continues a week—long visit to promote trade and investment. it is his first visit to india since taking office. he will meet the prime minister with an agenda covering energy and education and infrastructure. for more, we are joined by a macro —— or more, we are joined by a macro —— or more, we are joined by a macro —— or more, we are joined by devina gupta. it looks like both countries want to increase trade and investment? yes, and it is down to business forjustin trudeau
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who will be meeting mumbai business leaders in the financial hub of the country. india and canada trade is at about $8 billion and justin could i was looking to expand it. india is crucial for canada agricultural produce. almost a third of canadian exports to india are agricultural produce for dental and other pulses but also its clean technology where canada would be hoping to see the deal with india. —— lentils. a very crucial deal of $280 million to supply uranium for india's nuclear power plants. going ahead, looking at green technology. there is a retinue of businessmen from canada. today will be a day—long crucial meeting. a lot of high-profile ceos and leaders visiting india. you have the son of the us president visiting
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delhi. there it a business trip or is ita delhi. there it a business trip or is it a political trip? delhi. there it a business trip or is it a politicaltrip? it is delhi. there it a business trip or is it a political trip? it is purely a commercial trip. look at these adverts which are out in almost every national daily. india is the largest market for trump real estate products. thank you so much the update, devina gupta there are joining us from delhi. and with that we end this edition of asia business report. have a productive day ahead. goodbye furnell. —— goodbye for now. the top stories this hour. us president donald trump supports efforts to improve background checks on gun ownership, the white house says, following the florida school shooting that killed seventeen people. a unicef report on global infant mortality has found that many newborn deaths are preventable. around the world, 2.6 million babies die each year before turning one month old.
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we're about to speak to unicef to find out more the former football coach barry bennell has been described as the "devil incarnate" by a judge at liverpool crown court who jailed him for 30 years for abusing young footballers between 1979 and 1991. the former crewe alexandra coach and manchester city scout was convicted of 50 child sexual offences, as our sports editor dan roan reports. they came seeking closure — the victims of barry bennell, accompanied by their families, arriving at court for the sentencing of british sport's most notorious paedophile. their abuser, meanwhile, arriving by a different entrance after being found guilty of 50 counts of child sex crimes. having appeared throughout his trial via videolink due to ill health, today bennell was here in person as he was handed a 31—year prison sentence. the 64—year—old impassive as he sat staring at the floor in the dock
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as his punishment was read out. inside court, the cries of "yes" from the public gallery were hushed. outside, the emotion able to flow. today, we looked evil in the face and we smiled because, barry bennell, we have won. today, we hand our shame and our guilt and our sadness back to you. it should never have been ours to carry in the first place. sentencing bennell, judge clement goldston told him, "to these boys, you appeared as a god. in reality, you were the devil incarnate. you stole their childhoods and their innocence to satisfy your perversion." his abuse, the judge said, was sheer evil. several of the former football coach's numerous victims read out impact statements in court. among them, gary cliffe, abused by bennell when he played for a manchester city junior team. in a bid to force bennell
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to make eye contact, cliffe approached the dock after his statement, asking, "why, barry, why?" before being led away by an official. what was that experience like for you? i was churned up inside, dan, but i was determined that this was my moment, i didn't want to regret not doing it. so i stood up there, you were in court, you saw it, i said those words directed towards him. another 86 people have made complaints against the former manchester city and crewe alexandra youth team coach. and amid hundreds of allegations against other suspects, both are among the clubs braced for civil lawsuits. the ramifications of british football's gravest crisis are farfrom over. dan roan, bbc news, liverpool. time now for all the sports news in sport today. hello there, i'm tulsen tollett. and this is sport today,
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live from the bbc sport centre. coming up on this programme... incredible crowd scenes, as wigan athletic win1—0 to knock premier league leaders manchester city out of the fa cup at the last 16 stage. why monday night football in germany is not going down well with the fans. and a dead heat, as germany and canada tie for gold in the two man bobsleigh at the winter olympics. hello there and welcome to the programme, where we start with the football news that english premier league leaders manchester city have been knocked out of the fa cup at the last 16 stage by third tier, wigan athletic. a flashpoint came at the half time interval as city manager, pep guardiola, got into a heated tunnel row after fabien delph was sent off for a poor tackle minutes before the break. and despite having the weight of possession and shots, ten man city saw northern ireland international will grigg strike
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