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tv   Asia Business Report  BBC News  May 28, 2018 1:30am-1:46am BST

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our top story. us officials are in north korea, trying to revive the proposed summit between president trump and kim jong—un. the discussions on the northern side of the demilitarised frontier are thought to be focussing on details of a possible denuclearisation deal. the summit was originally scheduled for the 12th ofjune. an attempt to form a government in italy has collapsed after the president rejected a key cabinet appointment. party leaders say he's betrayed the state, and are calling for him to be impeached. and this video is trending on bbc.com real madrid have returned home to spain with the champions league trophy. the players have been parading the trophy in front of the fans at the bernabeu stadium. real‘s 3—1win over liverpool in kiev was their third successive champions league victory, and their 13th european champions title overall. and the top story here in the uk. the result of ireland's abortion referendum has no impact on the law in northern ireland, according to the leader of the democratic unionist party. first, the latest business news
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live from singapore. chinese technology companies are looking at the said te as a wake—up call looking at the said te as a wake—up ca ll after looking at the said te as a wake—up call after the telecommunications giant became entangled in us and china trade tensions. indian companies say they $12.5 billion investment is not welcomed by all australians. glad you could join us, and exciting addition, and i am in singapore, and we start out with the chairman of chinese giant 10 cents said the trials and tribulations of
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zte should serve as a wake—up call for the technology sector. he said investment is desperately needed to make sure other companies are not left in the same vulnerable position. this comes as president trump is under fire position. this comes as president trump is underfire from both position. this comes as president trump is under fire from both sides of politics accused of being too lenient on zte. the trump administration says the company faces a $1.3 billion fine for illegal trade by us lawmakers say this is not enough. more details i'm joined by katie silber. how businesses responding to zte issue? the issue has made them fearful, so the chairman of tencent said zte needs to serve as a wake—up call, because zte made itself so exposed. he says chinese company need to work on research and development and these be a big part of investment
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are they going to make sure they are not reliant on us technology. some of the comments were made recently by the two largest companies in asia saying it comes to that. and we are seeing that as a financial crippling at the hands of the us. they are basically treating a legally with iran and north korea and as a result the us exposed an export ban which means non—american companies could trade and the reason it was so problem —— problematic was they rely on their products using american technology component is so absolutely crippled them and zte don't want to see the same thing happening to them. there is a stigma about chinese technology. how will it us companies respond? this whole trade tension between the us and china, we saw reaction from both sides and the american companies,
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they have a long held deal about buying semiconductors and eight out of nine regulators approve this, and you can guess that they have had conversations until december and they were going quite effectively and in december they stalled when relations between the us and china we re relations between the us and china were at a low point. and what we have seen is according to reuters that a delegation has gone to beijing and they are trying to sort this out ahead of the meeting by the us commerce secretary to try and eke out a deal. we will see how this plays out for the chinese technology is going forward. thank you so much katie. 0il is going forward. thank you so much katie. oil prices taking a tumble after reaching $80 per barrel
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despite growing tensions in iran and venezuela and libyan supply outages. it is said they are considering easing production platforms that have helped to push prices to their highest level since 2014. some nonmembers are being critical of this proposal. 0ne nonmembers are being critical of this proposal. one person says they are not surprised. it was not entirely surprising, because ever since they announced a unilateral sanctions against iran, 0pec and russia have come out to say that they will make sure the market supply remains uninterrupted and they will smooth it out. so is donald trump the cause for the shift in policy? prices have been going up since the start of the year, they went up about 20%. prices have been
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going up and if you look at what has happened, the supply is tightening and stocks are back to a five—year average level and you have venezuelan where production has been consistent but they are off by about 500,000 barrels and they are expected to go down further after the venezuelan election. it looks like the tweets from donald trump are making 0pec leaders think. he said it looked like 0pec is at it again and oil prices are artificially high. he said that, but you also have the indian prime minister and you also have the indian prime ministerand indian you also have the indian prime minister and indian prime minister saying that you need to do something about it because everybody knows he has tried to deliberately turn the taps. the meeting in vienna is going to be extremely interesting and they are ina to be extremely interesting and they are in a tough position because on the one hand how much should they
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boost production? what pace? what do you think? what pace will they boost production to? you can look at how much iranians supply will get erupted —— interrupted but it's hard to assess at this point. the europeans are already pulling back on iran mainly because of concerns around shipping. shipping companies are avoiding iranians ports because they are not sure how it will play into their insurer and if they will flout us sanctioned rules? the fate of indian company adani's $12 billion in queensland in australia has been fiercely debated since it was denied a state alone in december. critics say the coal project is bad and the environment
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while supporters say it will bring injobs. the bbc travel to while supporters say it will bring in jobs. the bbc travel to the site that has divided australia. as we neared the proposed mining site, a vehicle appeared on the trail. we were asked why we were followed, but the driver would not give us an followed, but the driver would not give us an answer. followed, but the driver would not give us an answer. adani plans to dig coalfrom here and transported toa dig coalfrom here and transported to a broad, 400 kilometres away via a railway line and also proposing to build that line. these plants have tripled multiple protests that went on for several months. this camp i suppose is the front line on the campaign to stop adani. it is basically here as a place to gather and organise and do direct action
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against the project. cole needs to stay in the ground, and that is why we are here, to keep it in the ground. the protests resulted in the queensland state denying the loan, herding adani's investment plans, but the federal government backs the project. the environmental movement are trying to use their heft to stop this project because they say it is a big risk to their goals and i say, let's let the economics take president. i am let's let the economics take president. lam happy let's let the economics take president. i am happy with adani's re cord president. i am happy with adani's record and their work in this country and the benefits to both of out country and the benefits to both of our nations. but many people are worried as they seek cole servicing on the beaches. in central queensland we have a unique item, the great barrier reef off the coast, and that helps form a bath tub. what you throw into the ocean
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01’ tub. what you throw into the ocean or lagoon, stays there. if a coalport spills cold, it stays there. until adani coalport spills cold, it stays there. untiladani learns coalport spills cold, it stays there. until adani learns its fate about its australian investment, the company might need to line up alternative resources elsewhere. this week is a bit slow getting started with markets closed in the us and uk bad things will pick up as we go along. 0n us and uk bad things will pick up as we go along. on thursday, india unveils its gdp for the quarter from january to march will it match the growth of 72% —— 7.2% it saw last time. and we will also see the chinese manufacturing index where we can geta chinese manufacturing index where we can get a sense of how us and china trade relations have influenced decisions. earlier i spoke with a market expert, michael mccarthy to
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assess the numbers and he thinks they should be steady. given the elevated levels of key commodities and in particular oil and elevated levels of key commodities and in particular oiland iron elevated levels of key commodities and in particular oil and iron or it could echo through the markets. they will focus on that expected reading of around 54.5, confirming the —— expansion in the chinese market is ongoing. thank you for investing your timers. don't forget to follow us on your timers. don't forget to follow us on twitter, goodbye for now, see you in the next hour, the sport is up you in the next hour, the sport is up next. you are watching bbc news and a reminder of the headlines. us officials are in north korea trying to revive a planned summit between donald trump and kim jong—un. revive a planned summit between donald trump and kimjong—un. the attempt a former government in italy has ended in failure after the president rejected a key cabinet
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appointment. two people have died and another person lives in a critical condition after falling ill ata critical condition after falling ill at a music festival in hampshire. the organisers of the mutiny festival said a "dangerous high strength substance" had been brought on site. they called off today's events as a safety precaution. dominic casciani reports. the highlight of a hot may day bank holiday on the south coast, but this evening it's empty and silent, closed down after police say 15 fell ill and two died in the city's hospital. this is the youngest victim, 18—year—old georgia jones. in a post on facebook, her mother said her little girl was full of life, but missjones had taken two pills at the festival, and she urged others not to end up the same way. the second victim has been named locally as this father of one, 20—year—old tommy ba keer. while drugs have not been formally confirmed
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as the cause of death, the organisers last night posted this morning on social media. while the crowds danced, they warned that a dangerous, high—strength or bad batch substance was on the site. throughout today, detectives have been speaking to festivalgoers, trying to find out who was selling drugs inside mutiny. many people have told us that, while security was good, bags were being searched on the gate and sniffer dogs were on patrol, they saw drug dealers openly working inside. i thought the security was a lot better than last year. there were dogs and you had to walk through them to get to the entrance, and every person was id‘d. standard at a festival, you just get offered them in a tent as people come past. do you want this? were you offered drugs yesterday? yeah, quite a few times. inside? police are investigating whether there could be any more of this highly toxic substance heading to any other events. inside. tonight, friends of the two who died began laying flowers at the festival's closed gates.
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two lives destroyed, a festival ruined, and police investigating whether there could be more of this highly toxic substance heading to other events. storms have caused flash flooding across parts of birmingham with more than two inches of rain falling in edgbaston injust one hour. the met office said a site at winterbourne recorded 58mm of rainfall in just one hour on sunday afternoon, and 81mm in a 12—hour period. a major route into birmingham was left impassable because of water up to 5ft deep. the environment agency has more than 20 flood warnings and more than 40 flood alerts in place covering much of central england. that's all from me. gavin grey will be here at 2 o‘clock. time now for all the sports news in sport today. coming up on this programme... froome the history maker.
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the team sky rider becomes the first british man to win the giro d'italia and complete a grand tour hattrick it's au revoir 0stapenko. kateryna kozlova sends the defending champion crashing out of the french open at the first round. willpower takes all hit the plaudits with his first win at the indy 500. hello and thanks forjoining us on sport today we're going to kick things off with cycling and the holy trinity of prizes, a set of wins so tough to complete that only twice had it ever been done before... but chris froome has becomejust the third man to win all three of cycling's grand tours in a row. the team sky rider claiming his first giro d'italia after safely negotiating the ceremonial final stage in rome.

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