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tv   Asia Business Report  BBC News  August 20, 2018 1:30am-1:46am BST

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in kerala state in southern indian. thousands of people have been trapped on roofs or in their homes for days. more heavy rainfall is still expected in many districts. more than 350 people have died so far, 300,00 people are homeless. korean familes separated by the war are set to be reunited for three days in the north. and this video is trending on bbc.com. ice cream that has been moulded into the shape of puppies is being sold at a restaurant in taiwan. it takes around five hours to make each ice cream pup. they're available in a variety of flavours. that's all. stay with bbc world news. and the top story in the uk: the campaign for another brexit vote has received a million—pound boost after a donation from the co—founder of the fashion label superdry. now on bbc news, live to singapore for asia business report.
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trade tensions could escalate further when a second round of ta riffs further when a second round of tariffs between the us and chinese products typically go big on traders will go closer look at why washington is taking a hard line against beijing. and india investment. flip cards goes in a $16 billion deal. hello and welcome to asia is this report. all this week we are focusing on trade. the lifeblood of commerce for this region. we have special reports from around the world but firstly, my
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colleague will give us a break down of the trillion dollar world of trade. global trade is truly the engine of the world economy. the value of goods and services traded all around the world last year was worth more than $20 trillion. and it is extremely important for trading partners. goods traded last year between the us and china were worth $635 billion. between the us and the eu it was 1718 billion. between the eu it was 1718 billion. between the eu and china, that was 652 billion. 0ver eu and china, that was 652 billion. over three decades the exchange of global ‘s goods and services have —— has increased by an average of 210%. but the wto has warned that that trend is about to come to an end. it is all down to weaker exports, slowing car sales and increased trade tension. while free trade has
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a knack reached many nations, lifting millions out of poverty, many believe that the wto system is outdated, including president donald trump. he has threatened to expand ta riffs trump. he has threatened to expand tariffs on beijing to half $1 trillion which are much others almost every product imported to the us from china. the international monetary fund has warned that rising trade tension between the us and the rest of the world could cost the global economy some $430 billion with america especially vulnerable to an escalating tariffs for. the us imposed 25% tariffs on $34 billion of chinese staff ranging from tractors to handbags, even umbrellas. and that wanted beijing to retaliate in kind. zooming in on the world ‘stop
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zooming in on the world ‘s top two economies in particular, the us and china and their trade war, both countries are getting ready to slap a25 countries are getting ready to slap a 25 cent tariffs on $65 billion worth of goods this thursday and will bring total tariffs to $50 billion worth of imports from each other. let's bring in our china correspondent whojoins other. let's bring in our china correspondent who joins us from the streets of shanghai. robin. welcome to china's commercial capital. we are throwing a lot of numbers that you this morning so let's add to that tally. it is almost 22 months since donald trump was elected president of the united states. some of his critics say there are many things on which he is yet to deliver but almost everyone agrees that the one thing he has focused like a laser is an china and the trading relationship between these two countries. this country, remember, isa countries. this country, remember, is a country that candidate trump said was stealing jobs from the us.
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and on thursday there could be $50 billion worth of new tariffs on goods between the two countries. for the united states, they have significant concerns about what they say is a sizeable deficit in goods trading between the us and china, the theft of intellectual property particularly from us firms operating in shanghai. they also say the use ofa in shanghai. they also say the use of a highly protected economy here in china to try to set country's economy advance in the future and focus on high—tech goods. is a policy called a china 2025% by beijing and the americans have concern about one sector, microchips. outside there is the hum of passing traffic. insight, believe it or not, this is the cutting edge of china's push the high—tech supremacy. a design microchips here for cctv cameras. it is a small part ofa for cctv cameras. it is a small part of a much bigger government backed effort called made in china 2025.
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addressing the country's top scientists earlier this year, the chinese leader spoke about self—determination. he wants china to make its own civil aircraft, dominate in industrial robots and electric vehicles. at the camera chip firm they have high hopes that they think 2025, for their sector, is ambitious. high hopes that they think 2025, for theirsector, is ambitious. china is coming. i believe china is coming. but it takes time. this ip demise is the push that technological advancement, particularly in sectors where it thinks it can take the lead, maybe dominate. firm was set
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up lead, maybe dominate. firm was set up with the help of government money. it's biggest client is the government that it exists in the rest of the world have nothing to fear. that however it insists the rest of the world has nothing to fear. made in china 2025 is so important to this country and so worrisome to some other countries because it is notjust about making new hardware like this camera. it is about information. and what you do with that information. this camera is not just taking with that information. this camera is notjust taking a picture of me at the moment. it is using, and will help to develop artificial intelligence. china says this is pa rt intelligence. china says this is part ofan intelligence. china says this is part of an ambitious industrial policy that president trump sees a growing threat from a rival that, even now, insists some foreign firms hand over their precious technology.
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there are calls for some optimism this week. a fifth round of trade talks between china and the us. it is china's turned to go to washington. we seem to have lost rob and there in shanghai. hopefully we will hear more from him in the next hour when we are back on air with him. despite the first round of ta riffs him. despite the first round of tariffs which went into effect in july, we saw china's trade data for that month showing growth in exports and the trade surplus with the us remained at a near—record high. over the longer term, the consequences of a trade war could trickle down to the rest of asia. it will have an impact on business confidence. it will increase risk aversion globally. we may see emerging market currencies weaken against the us dollar and the consequences are
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quite broad. so we know they are talking. there will be negotiations. are they expected to see any kind of resolving of this issue? i am cautiously optimistic but it does to be seen. but, really, dialogue is the only way to resolve this conflict. china is preparing to send another delegation to washington for more talks on resolving this trade in paris. -- more talks on resolving this trade in paris. —— impasse. but how far will they get? given that president trump has warned that beijing must change its policies towards foreign companies in china. the date for those talks have not been set yet but we do know that will happen later this month. in other news away from trade is official, walnut now has a 77% stake in india's e—commerce giant
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flipkart. walmart‘s investments is $10 billion in equity funding to help speed up the growth of flipkart. both help speed up the growth of flipka rt. both companies help speed up the growth of flipkart. both companies will maintain their own brands and operating structures in india. and flipkart earnings will be reported as part of woolmark‘s —— walmart‘s international earnings. there were fears that this deal could drive small retailers out of business. a standard chartered rank executives said the demand by eu regulators could mean more jobs said the demand by eu regulators could mean morejobs being sent from the uk overseas. europe and america's boss said the relatively small size of the eu market means it would not be moving hundreds of people. the uk lender is turning its frankfurt office into a european base due to brexit. and now to have a look at the rest of the week, the third largest wireless carrier is expected to publish their first half results later today. we know they
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are facing stiff competition for subscribers. we also have bhp billiton and releasing four year results on tuesday. and that is it. thank you for watching. this is bbc news. the top stories this hour: a small break in the weather has allowed rescuers in the indian state of kerala more access to those affected by the worst flooding for a hundred years. but thousands have been made homeless by the disaster north korea is set to host a temporary reunion of families separated by the korean war. a total of 93 people from the south and 88 from the north will be able to meet their family members for three days each. brazil is sending troops to its border with venezuela after local people attacked camps housing venezuelan migrants,
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in an attempt to drive them out. it comes amid economic and political turmoil that's led more than 2 million venezuelans to leave their country in the last three years. but the flow of venezuelan migrants is affecting nations across south america, including chile, argentina and peru. 0ur south america correspondent katy watson has been following the story. venuzuela's neighbours have long said the migration crisis is getting out of hand. this weekend it reached breaking point. angry about the stabbing of a local resident, these people took revenge on the venezualans they held responsible. amid chants of, "go back to venuzuela," hundreds of migrants ——back to venezuela. hundreds of migrants did just that.
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forced to return to the place they'd escaped from. in april, i visited the same camp. these young families had fled venuzuela. yet, with no money, they had little option but to sleep here, just metres away from the border. many told me about the tensions in town between locals and venezualans. "the situation in venezuela is critical," said nicole, "every month food prices go up." she came to brazilfor a better future for her daughter. but she worried that with more and more venezualans coming, things were going to get worse. president nicholas maduro is doing this to stop his country's economic freefall. last week, he announced plans to devalue the country's currency — an attempt to rein in inflation that the international monetary fund said could hit1 million percent by the end of the year. but venezualans are worried this latest announcement will just make the crisis worse. this weekend, ecuador said its borders would be shut to venezualans without a passport. peru announced similar measures. for those trying to get out, it is a worrying development. translation: we really want to contribute, we have to work, because of our kids.
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if we don't, our kids will die. our kids will literally starve to death. this is one of worst mass migration crises in the history of latin america and one that is expected to worse as venezuela's economy continues to decline. katie watson, bbc news, in brazil. hello, i'm mark edwards, this is sport today, live from the bbc sport centre. coming up on this programme — manchester united are stunned on the south coast, losing 3—2 at brighton. the real madrid ronaldo—less era begins with a win, as los blancos see off getafe. it's the biggest victory of her career, kiki bertens beats world number1 simona halep to win the cincinatti 0pen. hello and thanks for joining us on sport today.
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we start with football and news of a shock defeat for manchester united in the english premier league on sunday. jose mourinho's side lost 3—2 at brighton and hove albion where glenn murray, shane duffy and pascal gross scored for the home side, with romelu lukaku and paul pogba getting united's goals. it's the second successive season they've lost at brighton. i was disappointed because the week was good and i was expecting the tea m was good and i was expecting the team collectively to be a better team. so don't go on into the direction of the mistake and the individual mistake and the consequence of that. but there are basic mistakes that makes almost an impossible mission to win the match.

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