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tv   Asia Business Report  BBC News  August 14, 2018 1:30am-1:46am BST

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i'm babita sharma. our top story: there's growing international pressure on china over claims it's running political indoctrination camps for a million ethnic uighur muslims. but beijing says reports of the centres are completely false. officals say uighurs enjoy full rights and so called re—education camps do not exist. the afghan government claims almost 200 militants have been killed in the city of ghazni, four days after the taliban began an attack on the city. more than 100 soldiers and police are believed to have died. and this video is trending on bbc.com: these amazing pictures of dani arnold, who's set a new record climbing the notoriously tough north face of the grandesjorasses in the alps. he reached the top in two hours and four minutes, without ropes or support. it's called free climbing. that's all. stay with bbc world news. and the top story in the uk: a junior doctor who was struck off over the death of a six—year—old boy has won her appeal to practise medicine again. hadiza bawa—garba was in charge of treating jack adcock,
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who died after developing sepsis. now on bbc news, live to singapore for asia business report. tu rkey‘s turkey's tumble continues. the president lashes out at economic terrorists on social media as he accuses washington over a stab in the back. vienna has the most liveable city over melbourne — we look at how asian cities stack up. good morning, asia. hello, world. it is tuesday. welcome to this edition of asia business report. i'm rico hizon. we start in turkey where the economic crisis appears to be getting worse. the country's
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currency, the lira, extending falls overnight a further 7% after 20% drop on friday, this follows president trump's decision to increase tariffs on turkish metal imports. the turkish president of the country is under siege by fake news and protectionist measures. translation: on the one hand, you area translation: on the one hand, you are a strategic partner. on the other, you shoot yourself in the foot. you are a strategic partner in afghanistan when everyone else is leaving. you are a strategic partner in somalia, in nato, and on the other hand you stab your ally in the back. is this acceptable? in asia, currencies hardest hit are the indian rupee, the indonesian rupiah and the chinese yuan, the safe haven currencies are rising. a foreign currency expert says there are similarities with the lira. people
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are looking for current account deficits, fiscal deficits, and if you look more broadly across asia, two currencies which fit are the indonesian rupiah and the indian rupee and that's why we've seen both currencies basically retreat a lot more than the rest of the asian currencies yesterday. those are two major economies in south east asia and south asia. if the situation gets worse, could there be a contagion among the other emerging economies in the region? basically right now the biggest risk is via the risk sentiment channel. if you look at the financial linkages of turkey with the rest of asia, it is not that high. —— turkey. it is really how investors perceive the situation. if we look at what has happened to the indonesian rupiah and the indian rupee, both currencies have already retreated quite a bit this year. i would say positioning is actually a lot
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cleaner than had with the beginning of this year. given less positioning, there is also a lower risk of contagion across the rest of asia. but with the weakening of asia's emerging currencies, could this impact growth rates in the second half of 2018? actually a weakening of currencies is not necessarily a bad thing. the weakening of currencies can potentially provide a boost for exports and that's coming not at a bad time when we are already seeing a lot of asian currencies come under pressure over trade wars. so i would say trade wars, lower sentiment, was already going to weigh in on growth. we have seen some of the export numbers and growth numbers slowdown of it. this was already expected to happen. so this potentially helps the weakening of the currencies to provide an automatic stabiliser.
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joining us earlierfrom hong kong. the us has passed a law to strengthen government power to review and potentially block business deals involving foreign companies. president trump signed the legislation at the us‘s army base in new york. i am doing now by katie silber. —— i am joined now by katie silber. —— i am joined now by katie silber. —— i am joined now by katie silber. it comes as part of a defence bill worth almost three quarters of a trillion dollars concerning foreign investment — it strengthens the power of part of the us known as the committee of foreign intelligence to veto business deals which they say pose a threat to national security. now they are going to be able to do it violates a threat in terms of data or cyber security or if foreign firms get "material information" as a result of business dealings. they can
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strengthen export controls and they can basically block joint strengthen export controls and they can basically blockjoint ventures that occur abroad, so it increases their power. there is no suggestion in the legislation that is concerns china but all eyes here seem to be pointing to it being about cracking down on national security concerns. but some say this bill doesn't go far enough? that's right. earlier iterations of the bill went further. some are calling this a watered—down version. this is because there is bipartisan support. republicans and the democrats, from both sides, in terms of basically this national security threat, and wanting to see a crackdown when it comes to china and its national security concerns. thank you so much for the update. katie silver on this bill from the us. elon musk set the cat among the pigeons when he announced he was considering taking his electric car company
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considering taking his electric car com pa ny tesla considering taking his electric car company tesla privat. he has faced stiff questions over where he would get the money to buy shares from investors and some shareholders who have launched legal action against him, claiming he misled the market —— private. he put out a blog giving details of his plans. the capital of austria, vienna, has overthrown melbourne as the most liveable city in the world according to the intelligence unit's global livability ranking. melbourne now ra nks livability ranking. melbourne now ranks second behind osaka and sydney. simon baptist explained how vienna beat melbourne to the top spot. the change in vienna this year has been a reduction in their crime rate, so it is the safety score that has gone up and melbourne saw an improvement in the number of music concerts that it has, but because the crime criteria is acting number,
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vienna tipped over this year. looking at or —— osaka and tokyo, why have they done so well? they are the exceptions because the top cities tend to be less densely populated, less congestion, less pollution, but they have such good infrastructure, they can combine the populations with a high score and the improvement in public transport has moved them up. not only did melbourne lose its top spot in the index, australians are not as happy as well as they used to be according to one study. is despite strong economic growth, wages have been stagnant. phil mercer reports. prosperous, safe and funny, australia is seen as the place to be for the good life. —— sonny. there has not been a recession here since the early 1990s. and as for economic growth at over 3%, it is the envy of
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the world. natural gas exports and massive infrastructure projects will keep the australian economy marching on, but does gdp accurately reflect how the country feels about wealth and financial security? the answer to that is no according to the national australia bank's well—being index. it has found levels of satisfaction and happiness are at their lowest since the survey began in 2013. many australian families say they are struggling to get ahead. in football terms they are 2-0 ahead. in football terms they are 2—0 down with five minutes to play to rising debt, soaring utility bills and sluggish wage growth. my plan is to try to bring in more money because i work as a nurse and i want to finish my registration in nursing and if i can do anotherjob i will. but this is a distraction, playing football, to distract me from reality. it is ok for us at the
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moment because my husband and i are working in stable jobs, but i am worried about my children's future. still in a very lucky country at the moment, but no one is safe, the economy is moving sideways at the moment and it is unpredictable. people are increasingly questioning the relevance of gdp as an indicator. we know that gdp has been strong in the last year but we also know workers are not seeing wage increases. and there is also a high level of job insecurity. the nab survey also showed many australians are not working as much as they would like. as income falls, stress invariably rises. those with the lowest level of well—being are labourers, people who don't own property and young women. but the government knows that the benefits ofa government knows that the benefits of a strong economy don't always trickle down to workers and with eyes fixed firmly on winning the
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next battle of action it is promising tax cuts and lower power bills to help ease australia's financial stress. and let's look quickly other markets, and asian stocks are currently bouncing back from monday's falls, they are up 252 points for the nikkei and the all ordinaries index losing 26 despite the wall street retreat overnight. thank you so much for investing your time with us. i'm rico hizon. sport todayis time with us. i'm rico hizon. sport today is coming up next. this is bbc news. the top stories this hour: international spotlight on china over claims it's running political indoctrination camps for ethnic uighur muslims. the battle for ghazni — the afghan government says up to 200 militants have been killed in the city after a taliban attack. jeremy corbyn has become embroiled in a row on twitter with the israeli prime minister.
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benjamin netanyahu has accused the labour leader of laying a wreath in memory of the palestinians suspected of being behind the munich olympics massacre in 1972. mr corbyn acknowledged that hewas present when a wreath was laid, but said he didn't think he was involved in it. tonight he hit back calling the israeli prime minister's claims false. our political correspondent eleanor garnier reports. it was back in 2014, before he became labour leader, but this is a wreath—laying ceremony creating so many questions forjeremy corbyn. he says he was there to remember the victims of the bombing by israel of the palestine liberation organisation headquarters in 1985. but the accusation is whether he also took part in remembering those alleged to have been behind the munich olympics massacre, the so—called black september group, in which 11 israeli athletes were killed. today, on a housing visit in the west midlands, he was asked if he had laid a wreath in their memory. i was there when it was laid, i don't think i took part in it. i wanted a fitting memorial
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for everybody who has died in every terrorist incident everywhere, because we have to end it. you cannot puruse peace with a cycle of violence. the only way you can pursue peace is with a cycle dialogue. now the israeli prime minister has waded in, accusing mr corbyn honouring those behind the munich killings. tonight, benjamin neta nyahu tweeted. .. but mr corbyn replied, saying that benjamin netanyahu's claims about his actions and words are false. his presence at the ceremony has been questioned before. but it has resurfaced as labour struggles to respond to ongoing criticism of the leadership's handling of anti—semitism allegations. it is certainly unusual for the prime minister of another
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—— heathrow airport is calling on the government to relax passport controls for certain passengers arriving in the uk in a bid to reduce delays. the latest figures revealed that in july visitors from outside the european economic area were left queuing for up to 2.5 hours. the uk border force managed to achieve its goal of seeing 95% of visitors within 45 minutes just once last month. the mayors of greater manchester and the liverpool city region have demanded a freeze in railfares ahead of an anticipated 3.5% rise. it comes as a new study commissioned by the rmt union has revealed that railfares are rising twice as fast as wages. that is it from me. more coming up from mike embley in 15 minutes' time, but now it is time to catch up with all of the sports news with our tea m with all of the sports news with our team in sport today. see you soon.
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goodbye. hello, this is sport today, live from the bbc sport centre. coming up on this programme — time to play the waiting game, as tiger woods looks set be named as a captain's pick for next month's ryder cup against europe. former world number one andy murray is knocked out in the opening round of the cincinnati masters by luca pouille. and he's won a world cup and two european championships, but david silva is calling it a day with spain. hello and welcome to the programme, where we start with golfing news. the ryder cup between europe and the usa takes place next month in paris. eight players have already qualified for the 12—man american team with captainjim furyk set to name four wildcard picks in early september.

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