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tv   Asia Business Report  BBC News  March 2, 2018 1:30am-1:46am GMT

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that the country is suffering from "unfair trade". canada, which is the biggest exporter of steel to the us, has called the move unacceptable, other countries say it could start a trade war. the wait for the relatives and friends of more than 100 girls kidnapped in nigeria continues. it's been more than a week since the students were taken by boko haram militants. and this story is trending on bbc.com. the deep freeze continues in europe, causing travel chaos. the siberian weather system has brought the coldest temperatures to the continent for years, earning it several nicknames including "the beast from the east". that's all from me for now, stay with bbc news. and the top story here in the uk: in a major speech in london today, prime minister theresa may will set out her vision for britain's trading relationship with the european union. now on bbc news, all the latest business news live from singapore.
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president trump announces tariffs on steel and aluminium, president trump announces tariffs on steeland aluminium, and president trump announces tariffs on steel and aluminium, and wall street hates it —— takes a dive in response. china's demonstrates an official intelligence to help you still clear of man's best friend. good morning, welcome to asia business report, live from singapore. the us president donald trump has announced he will impose a tariff of 25% on imports of steel, and 10% on aluminium. arguing it will protect jobs and 10% on aluminium. arguing it will protectjobs in america's former industrial heartlands. us steel makers applauded the
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president's decision, while executives in other industries warned that the tariffs could hurt american manufacturers, and risk provoking a global trade war. but for workers in suburban pennsylvania, many of whom voted for mrtrump, the pennsylvania, many of whom voted for mr trump, the tariffs cannot come soon enough. jo miller has more. for almost two centuries, the —— this has been a mainstay of america industry, producing up to half the time it —— halfi million tonnes of steel per year. i was time it —— halfi million tonnes of steel per year. i was able to build my house and provide a good lifestyle for my son and i, but right now, i am injeopardy of having to start over at 47 years old. last autumn, kimberly and do hundred 50 of her fellow employees we re hundred 50 of her fellow employees were told that with the price of steel dropping, their employer would idle the mill, and ask 100 jobs. but just a year before, many of them
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voted for a man who campaigned on a pf°p voted for a man who campaigned on a prop but does promise to end their industry's relentless cycle of boom and bust. after months of dithering, the trumpet administration has announced its intention to slap ta riffs of announced its intention to slap tariffs of 25% on steel imports. announced its intention to slap tariffs of 2596 on steel imports. we will be imposing tariffs on steel imports and tariffs on aluminium imports, and you will see lots of good things happen. for workers at the local union hall, the tariffs have been a long time coming. for yea rs, have been a long time coming. for years, they felt at the mercy of china, which produces as much steel ina china, which produces as much steel in a month as the us does in a year. we are not saying don't treat, we have to treat, but we need to be treated fairly. we are not even in the game. but the white house is running into the same problem that has plagued previous administrations. imposing strict ta riffs administrations. imposing strict tariffs on steel imports could cause china and other important trade partners to retaliate in kind, and
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that could cost jobs partners to retaliate in kind, and that could costjobs in other parts of the country instead. 0ther industries say they fear a backlash to the tariffs, and markets in new york fell sharply after the announcement. but for volunteer firefighter chuck, saving steel is worth the cost. this industry in particular is a cornerstone of america. if we cannot make our own steel, we are leading ourselves one herbal. —— vulnerable to everyone else in the world. a decision from washington has, alas, but still workers in pennsylvania will not be celebrating just yet, and will be watching for help reaching and brussels respond. —— beijing and brussels. as joe brussels respond. —— beijing and brussels. asjoe mentioned, we saw a fall in wall street, and asia shares are tracking. 0ur fall in wall street, and asia shares are tracking. our business reporter has more. steel makers are happy,
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but particularly other makers are not happy at all. -- car-makers as well as asia biggest steel knickers are seeing their shares go into the bread because of these tariffs that president trump are seeing. they are concerned about higher costs, as well as a possible trade war. the fall of these car—makers and steel makers are working on the overall indexis makers are working on the overall index is injapan, indicating 25 is down by 2.5%. the hang seng in hong kong has just opened down by 2.5%. the hang seng in hong kong hasjust opened up, while australia shares are weaker as well. this all has to do with how much they export to america, in terms of steel and aluminium. south korea is the third—largest source of steel to america, accounting for 10%. the two biggest are canada and brazil, as we mentioned earlier. japan is also a major supplier, they account for 5%
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of all steel imports into america —— america. we mentioned already that sectors like honda playmakers will be affected, because they use lots of steel in their products, but also technology products and food. finally, this causes a question on how china will react. china supplies only 2% of us steel imports, but they are mho —— major global claire, and are the biggest producer of steel in the world. they have become so big a hit driven down prices, and they can expect retaliatory measures from china and japan against the us. figure for the update. let us move on to india, because the there has just introduced a new law that will confiscate assets of absconding low defaulters. it comes in the backdrop of the recent one point a
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billion—dollar bank scam involving indian, billionaire. let's go over tarp indian business correspondence. the bill was approved last evening, 110w the bill was approved last evening, now the bill, which is called the economic absconders bill, it means that authorities will have power to ta ke that authorities will have power to take over all the assets of those low defaulters who have not paid back the banks, and have fled the country. this has been done because of the indian billionaire who swindled allegedly close to $128 billion from an indian national bank, and also a famous bank of a liquor baron who owed the banks of billion dollars. he has fled and is living in the uk, the indian government is trying to extradite him. what this bill allows is that
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whenever a court issues an arrest warrant against any individual for defaulting or not paying back the banks, the individual flees the country, then without conviction, the authorities will have the power to seize all their assets, sell them, recover the money, to seize all their assets, sell them, recoverthe money, and pay back the banks. this is important because if you look over the last few years, there have been many instances where a lot of low defaulters have fled the country, and the cases against them have been stuck in the courts he does until now, in law said that unless the individual is convicted, the bank cannot sell those assets. and now the authorities have the power, they can sell the assets before convictions, and that is very significant, as far as indian banks go. thank you for the update. china's hallway has turned one of its phones into a dull collision avoidance system for cars, as part ofan avoidance system for cars, as part of an unusual... we try out the
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artificial intelligence feature for ourselves in barcelona. this is a perfectly standard car, nice self driving car, but it has a camera, a sophisticated camera on the tube —— the roof, which is talking to this mobile phone with artificial intelligence built into it. is that al which will effectively steer the car around the objects in our path. we have a training run where the
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phone has detected the various objects in our way, and that we have to do one for real at speed. what are you trying to show? this is not suggesting that it will enter the autonomous car industry, just a show and demonstrate the power of artificial intelligence, which is built into the inside of the device. it is al happening on the device in real—time. it is al happening on the device in real-time. i truly believe rowley has one of the bestjobs at the bbc, having all the fun. let's recap our top story, president trump announcing tariffs on imported
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steel. the one market that will not be affected is india, because markets they're close, as the traditional hindu festival of holy ta kes traditional hindu festival of holy takes place, is also known as the festival of colours, as you can see there. it celebrates the triumph of good over evil, and welcomes the arrival of spring. let's show you the markets before we go, as lisa mentioned, all asian markets are down, thompson down 115%. that's this edition of asian business report, thanks for joining this edition of asian business report, thanks forjoining us. the top stories this hour. president trump announces the us will impose tough tariffs on steel and aluminium imports next week, ina move in a move likely to receive a
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backlash from china. a woman who killed her a woman who killed her husband has won permission to challenge her murder conviction. sally challen, who was sentenced to 22 years, admitted killing richard challen at their home in surrey in 2010, but denied murder. her lawyers say she was the victim of ‘coercive control‘. charlotte gallagher reports. victory for sally challen‘s supporters. herson, david, hugs her lawyer outside the court of appeal. sally challen killed her husband richard in 2010 by repeatedly hitting him over the head with a hammer. she was found guilty of murder and sentenced to a minimum of 22 years. her lawyers will now attempt to challenge that murder conviction. sally challen‘s legal team say she was the victim of coercive control, a type of psychological abuse that wasn't recognised by law when sally challen was first convicted. it's now a criminal offence.
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her legal team say her husband degraded, humiliated and controlled her for many years, and that was what led to the killing. this was going to be her last chance at challenging a conviction and a very, very long sentence for what was very, very tragic events that happened in extreme circumstances. her son was relieved with the decision. overcome, overjoyed, most of all thankful. thankful we're getting this chance, thankful that the justice system acknowledges an issue might have been overlooked or not properly investigated. campaigners admit there is still a long way to go, but hope the case could help other men and women who may have been subjected to mental abuse. charlotte gallagher, bbc news. the government has scrapped plans to hold the second stage of the leveson inquiry, which was due to look into unlawful conduct within media organisations, and relations between
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police and journalists. lord justice leveson accused ministers of breaking their promise to phone hacking victims. but the culture secretary said it wouldn't be in the national interest. theresa may is to set out five so—called "tests" tomorrow afternoon, for a future deal with the european union post brexit. earlier she welcomed the eu's donald tusk to downing street. mrs may will pledge to bring the country together, and to argue for the "deepest and broadest possible" trade agreement between the uk and eu. we have lots more on our website, you can get in touch with us via social media. time now for all the sports news in sport today. hello, this is sport today, live from the bbc sport centre. coming up on this programme.
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manchester city move 16 points clear at the top of the premier league after a footballing masterclass to beat arsenal 3—0. england thump france 4—1 at that she believes gupta and phil neville the perfect start to his reign as head coach. and the great ethiopian can save a db by wins a third successive 3000 metres title at the world indoor athletics championship. hello, and welcome to the programme, where we start with a sparsley filled emirates stadium in north london where arsenal were given a first half footballing lesson by manchester city in the premier league just days after being beaten by the same team in the league cup final. three first half goals, led by german international leroy sane who scored one himself wasn't added to after the interval though, while arsenal faled to score,

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