tv Asia Business Report BBC News August 2, 2018 1:30am-1:46am BST
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our top story: soldiers in zimbabwe have shot at opposition supporters protesting about irregularities in monday's elections. three people were killed in the capital, harare after it was announced the governing zanu—pf had won a two—thirds majority in parliament. the result of the separate presidential election is yet to be announced. president trump has urged his attorney—general to end the investigation into russian interference in the 2016 election. and this story is trending on bbc.com. one of australia's biggest supermarkets, coles, has reversed a decision to stop giving customers free plastic bags. it follows pressure from some irritated shoppers. other consumers say the ban was good for the environment. that's all. stay with bbc world news. and the top story in the uk: northamptonshire county council,
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which must save £70 million by march, has held an emergency meeting to discuss big cuts to public services. its leader says it's still committed to protecting vulnerable people. now on bbc news live to singapore for asia business report. you are the us considers higher tariffs on chinese goods. the federal reserve ‘s keeps interest rates unchanged, but not all central banks are following their leader. —— lead. hello and welcome to asia business report. our top story this morning: the trump administration confirms it is now considering more than doubling the tariffs it plans to impose on $200 billion worth of chinese imports. beijing officials say they will retaliate if the united states takes further trade measures against them. both sides have already imposed tariffs on $34
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billion worth of goods and our business reporter explains why the white house wants to take it a step further. we have been talking to senior administration officials and they have essentially confirmed what us media have found a day ago, citing unnamed sources of which is that donald trump wants to turn up pressure on china and he has asked the us trade chief to hike tariffs on the proposed tariff on goods from 10% to 25%. to be clear, these are not new tariffs, nor are the releva nt not new tariffs, nor are the relevant harris in effect yet. this does mark an escalation, if in rhetoric of the growing trade dispute between the us and china. the list of potentially affected items was announced injuly and is still undergoing a period of public review and comment and the $200 billion list isjust review and comment and the $200 billion list is just one list of ta riffs billion list is just one list of tariffs that is the centre of this dispute. you might be wondering why the trump administration is doing this? it appears they might want to get the chinese to the negotiating
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table, feeling the pain so they can get to the table and the two sites can negotiate what the us says are fair trade practices in general overall. for their part, the chinese have said that any tariffs would be met with retaliation and have accused washington of blackmail. that trade dispute between the world's two biggest economies started earlier this year and eight months in, the tariffs are flying back and forth. brock silber says he doesn't expect the dispute to be resolved any time soon. doesn't expect the dispute to be resolved any time soonlj doesn't expect the dispute to be resolved any time soon. i think it is worth bearing in mind a couple of fax. the real genesis of the problems. the core underlying issue is an trade per se, but it is technology. —— facts. the second point is donald trump's aggressive sta nce point is donald trump's aggressive stance on technology court ageing by surprise and a bit flat—footed. that is why we are seeing very tentative responses from beijing to date and
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thatis responses from beijing to date and that is where we have gotten to the point where donald trump now feels that he needs to push discussions further a long. you state it is technology, how so specifically? —— use a. —— you say. the us believes china's technologically —— technological acquisition is outright illegal and that has large substantial follow on effects of how the us economy develops. in terms ofjobs and its general successful sectors. the us is determined to change those practices, whereas china has been relatively flexible in terms of ta riffs relatively flexible in terms of tariffs and import levels. it has also been relatively inflexible in terms of its technological ambitions and that is really the root of the problem. right. so how are countries in the region, including china, buckling up and potentially protecting themselves all of this?
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well, u nfortu nately protecting themselves all of this? well, unfortunately for china, they don't have a suite of very good options in response to us actions. it can claim that it will retaliate, but there simply aren't a lot of very good options from its perspective. it can continue to wea ken perspective. it can continue to weaken the r and b, but not without weakening its own interests. —— it can perhaps sell down its treasury portfolio, but not without harming it. -- rmb. so, portfolio, but not without harming it. —— rmb. so, the touraine, given the economic boom in the us, given the economic boom in the us, given the slowdown in china favours trumped right now. —— terrain. the slowdown in china favours trumped right now. -- terrain. we know they are being seen as a broader type of war between the two powerhouses for influence, who is winning this round? powerhouses for influence, who is winning this round ?|j powerhouses for influence, who is winning this round? i think it has to be the us. the us should expect to be the us. the us should expect to come away with a substantial victory in this trade battle, if it holds firm. brock silvers speaking
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to me earlier. us federal reserve has kept interest rates unchanged for now, however the central bank said it is on track to increase borrowing cost in september. they said economic growth is strong and thejob said economic growth is strong and the job market has continued to strengthen, while inflation is remain near the 2% target. the central bank currently expects another two rate rises by the end of the year. india though, its central bank is taking a very different approach. the reserve bank of india raised rates for the second time in two months. this time to six and a half %. the central bank governor says, we are possibly at the beginning of currency wars as trade skirmishes have evolved into tariff wars. “— skirmishes have evolved into tariff wars. —— akrotiri. —— 6.5%. the hike didn't come as a surprise, many economists had forecast that the central bank would raise rates and the reason is for that that data
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that we got two weeks ago. it showed that we got two weeks ago. it showed that consumer price inflation to june had gone up to 5%, more than what the central bank governor and his team would like to see it at. the main reason for changing the policy rate is to ensure that on a durable basis, we come to and maintain the 4% target and we have been away from the 4% number for several months now. and we took two steps, one injune and one in august, to maximise our chances. filch prices are one of the concluding factors to fuel prices. —— they depend on global oil prices because india imports over 80% of the oil it needs. 0verjuly, we saw global prices coming down a little but the central bank here continues to remain worried about the
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volatility in those rate and that is reflected in its decision. the other reason why prices are going up is a domestic one, the government recently raised the rates at which produce can be acquired from farmers. 0ver produce can be acquired from farmers. over a period of two months this means the central bank has raised its key lending rate by half a percent, which means for consumers, home and car loans will get more expensive and the world of business will not be happy because this raises cost for them. trip advisor shares are down roughly i2%, reporting earnings that essentially missed analysts expectations of. the company says revenue was 430 million dollars, just shy of its estimates. it has been in business since 2000 and before the platform for travel bloggers had taken off and it was in its early stages, a petition is
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tough in the travel services industry. technology research a nalyst industry. technology research analyst andrew milroy says tripadvisor needs to diversify. they have two key segments. 0ne tripadvisor needs to diversify. they have two key segments. one is hotels and that has been under pressure for some time, that is basically directing traffic to hotels for booking. the other is the non— hotel segment. that is a traction made of attractions, restaurants and also short—term rentals is something they have watched recently and what was expected is revenue in the non— hotel segment would grow at a faster rate and would be higher than that has reported. that hasn't been happening at the moment. has reported. that hasn't been happening at the momentm has reported. that hasn't been happening at the moment. it grew, but not by as much as expected. what is tripadvisor‘s roblin? we go online and take a look at it if we are tried to find out if a hotel or resort is a great place to stay. what is its central problem for its
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long—term prospects to grow? what is its central problem for its long-term prospects to grow? the short—term to medium and timing is the biggest problem. they would prefer the biggest problem. they would p refer to the biggest problem. they would prefer to go right —— it will prefer to go direct rather than through third parties. another key one is people are getting information about travel, getting reviews and advice and ideas of where to go from other sources, increasingly social media. increasingly, young people are starting to use instagram and snapchat as ways of getting information and advice of where to go and what to do. in other business news making headlines, tesla shares have risen more than 4% in after hours trade in announcing it has delivered all model three cars. that helped to boost revenue to 4 billion in the car companies and towards june, a 3% rise compared to last
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year. 0verall, june, a 3% rise compared to last year. overall, the firm has lost more than 717 million in the quarter, more than a double a year ago. this is how they are performing in asia. fairly flat for tokyo and australia, tracking their losses that were seen on wall street with the exception of the nasdaq which gained a lot after apple shares hit a record high. all of those worries about the us and china trade tensions speaking investors. that is it for the programme. —— spooking. this is bbc news, the top stories this hour: there've been calls for calm in zimbabwe after soldiers opened fire on opposition supporters alleging fraud in monday's elections. president trump has called for an end to the investigation into russian election interference, but his lawyer says it was just an opinion, not an order. there are 11,000 more grammar school
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pupils in england today than in 2010. that's despite a 20 year ban on building new ones. figures from a bbc analysis of official data also shows a growth in the number of grammars giving priority to poorer children. here's our education editor bra nwen jeffreys. educating boys for more than 100 years, bournemouth school is proud of its academic tradition. valued by parents and pupils. it has got more academically able students, and when they are together it helps, because they help each other out. we are all aiming to do well in our exams and do well in future life, so we all encourage each other, we challenge each other, we compete. most of you are at a stage now where you've moved on... the school is bidding
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for government money to grow. it's been making its admissions more inclusive, despite legal challenges from some better off parents. next year poorer children get places first, then local pupils. we have been on a long journey. we have been on thatjourney because we have a moral purpose to serve every able child, most particularly those from disadvantaged backgrounds. when you get to a point where there are around 70% of places for high—attaining pupils in an area, that's where we start to see a negative effect on the pupils that don't get into the grammar school. and that negative effect is even greater for poorer pupils. at this comprehensive, they're losing money. nearby grammars are taking a bigger share of pupils and the funding that goes with them. all good schools can grow, says the government, and grammar schools are just one small part of that. branwen jeffreys, bbc news. a 37—year—old has been involved in a
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car crash, hours earlier. the site of grenfell tower is to be handed over to the government from this autumn. summerslam it comes after residents reacted angrily to the original plan to give responsibility back to kensington and chelsea council. the metropolitan police are now preparing to release the site of the disaster in west london, in which seventy one people died, now on bbc news, sport today. hello, this is sport today, live from the bbc sport centre. coming up on this programme: ravi ashwin picks up four wickets as india peg england back on the opening day of the first test in birmingham. arsenal score late to equalise, and then beat chelsea on penalties, to win their international champions cup match in dublin. and south korea's in—kyung kim is the defending champion
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as the women's british open gets underway in the coming hours. hello and welcome to the programme, where we start with cricket, and india have the upper hand after the opening day of the first test against england at edgbaston. the home side were 216—3 at one stage, but slumped to 285—9 at stumps. ravi ashwin took four wickets for india, leaving the match delicately poised heading into day two. patrick gearey reports. england fans will feel they have seen this a few times before over the course of england's 1000 seen this a few times before over the course of england's1000 test matches. the position of strength turned into a position of weakness because of a clutter of late wickets. it started well for the home side, it always seems to. they won the toss and decided to bat and although they lost alastair
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