tv Business Briefing BBC News August 28, 2018 5:30am-5:46am BST
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this is the business briefing. i'm sally bundock. heading to africa with a bold message — theresa may says she wants the uk to overtake the us to become the g7‘s biggest investor in africa. and in cambodia, local tuk—tuk drivers are dealing with tough competition from a rival model, riding in from india. and on the markets: markets are strong across the board. in asia it is heading higher following a good session on wall street. the trade deal between the us and mexico is a big reason why. so, we begin. britain's prime minister theresa may is due to meet with south africa's president cyril ramaphosa later today in cape town.
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the visit is part of a trip to a number of african countries in an effort to try and boost post—brexit trade. last year trade between the two countries in goods and services was worth more than $11 billion, with the uk being south africa's second biggest trading partner within the eu. for britain, south africa is a key market — it's the continent's most industrialised country. it also has a growing middle class — credit suisse estimates it makes up more than 28% of the population. with theresa may is a delegation of 29 businesss leaders, trying to showcase the uk's expertise in technology, infrastructure and financial services. christel aranda—hassel, chief european economist at mizuho international, joins me now. good morning. i mentioned at the beginning of the programme her
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statement, looking for the uk to overta ke statement, looking for the uk to overtake the us as the biggest g7 invest in africa by 2022, how is she going to make it happen?m invest in africa by 2022, how is she going to make it happen? it is hard to say because the uk is engaged in negotiating the exit deal with the eu. it is clear that she is trying to open other fronts just in case you know you need to start finding ventures. this is the whole point of the brexiteers' argument that when we leave the eu the uk is free to negotiate directly with countries like south africa. she is also going to kenya and nigeria. to what extent will she have that freedom? we don't really know that yet because we don't know what the deal is with the eu. to what extent is the market waiting for the likes of the uk? absolutely. we don't know what type of deal you have with the eu. one of
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the things i want to point out is that while it sounds very good to open other fronts, that while it sounds very good to open otherfronts, nigeria, kenya and south africa together, from a gdp point of view, roughly the size of the netherlands. that illustrates the point that it will not replace the point that it will not replace the relationship the uk has with the eu by any means, but from the point of view of the uk, she is going with a message that britain is open for business and they are trying to lay the foundations for this trip. very much so and she has two. obviously at the moment over summer you heard the threats about the no deal and that we might just the threats about the no deal and that we mightjust crash out, so she is totally right in trying to allay fears and say i am doing my part of thejob and fears and say i am doing my part of the job and i fears and say i am doing my part of thejob and i am trying to make sure that we can negotiate quickly trade deals elsewhere. china of course is a huge investor into africa. the us
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is as well. we've had president kenyatta of kenya meeting president trumpjust kenyatta of kenya meeting president trump just yesterday in fact. what does africa have to offer the uk? there is a lot of hope that is resting with africa because it is a continent that is starting to come together where potentially there is quite a bit of growth. it also offers plenty of resources which is what china is interested in. i would say that again theresa may perhaps is sort of going along with the fad. if you look at china the first foreign visit of the current president, xijinping, was in fact china, and within the eu mr macron is one step ahead, he has already visited 11 countries so far. all right, thank you for coming in and sharing your expertise, and of course we will keep an eye on how
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theresa may gets on. we will let you know what she is up to. the united states and mexico have reached a new trade agreement after months of difficult negotiations. it's a major step in the discussions towards a new north america free trade agreement, or nafta. in the past few hours, it's been announced that canada will resume trade talks with the us on tuesday. nada tawfik in washington fills us in with the details well, central to this agreement was a breakthrough on what they wanted to happen in the automobile industry. the united states and mexico have agreed that in order for vehicles to come in and be considered free of tariffs that they would have to largely be produced in the region. to largely be produced in the region, 70% of auto components had to be produced in the united states and mexico, and 40% of those components had to be made by workers who are earning more than $16 an hour.
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so this was really a victory for president trump because he's been trying to keep labour in the united states and stop the kind of flow of companies to mexico in search of cheaper labour there. and the united states also compromised to getting rid of a key demand which was to have the deal renegotiated every five years. that was something that mexico and canada did not want. they didn't think it would lead to a proper kind of future for businesses to plan their investments et cetera. and so that was the agreement that the united states and mexico reached. now, as you rightly pointed out, canada is stilljust getting into talks this week on their part of the deal. and so it certainly is premature when you think of nafta as we know it. but the united states and mexico have also said that they are willing to go alone if canada is not involved. that said, any deal would have to be approved by the us congress, and many leaders have said this has to be a trilateral agreement. that is nada tawfik, part of the
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tea m that is nada tawfik, part of the team in new york. toyota is investing $500 million in uber to jointly work on developing self—driving cars. it's a chance for both companies to catch up to rivals in the hotly competitive business. let's go to our asia business hub where shara njit leyl is following the story. they really want to work together, talk through what they have for each other. that is right, they both have a lot to gain from this deal. it is a lot to gain from this deal. it is a chance to play catch up with rivals. they both seem to be lagging behind in developing self driving ca i’s behind in developing self driving cars compared with other firms, and a chance to show the r&d costs, you will recall uber lost millions of dollars in the last quarter as it tries to expand and sink money into research and development. more than $1 million a day according to some reports has been on self driving technology. uber needs this. they
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had to scale back self driving trials after fatal crash in arizona in march when a self driving uber suv killed a pedestrian. shares in toyota spike on news of the deal with many thinking personal car ownership will drop when the self riding future is fully up on us with big companies buying up fleets of vehicles, toyota, then they have the biggest ever customer. thanks a lot. that is an interesting story. more detail on the website as well. something we have covered here on bbc world news is the fact that tuk—tuks bbc world news is the fact that tuk—tu ks in asia bbc world news is the fact that tuk—tuks in asia are experiencing a lot of competition. from phnom penh, nick wood looks at what's behind the demise of this once iconic form of transport and the rapid rise of a young contender. there is a new game in town, young, colourful, speedy and you see them just about everywhere in phnom penh,
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but all is not well on the capital's increasingly crowded streets, where the motor taxis, the locally made tuk—tuks the motor taxis, the locally made tuk—tu ks and cars the motor taxis, the locally made tuk—tuks and cars battle for road space. now there is the autorickshaw to contend with. their popularity has caused a ripple of discontent amongst the legions of tuk—tuk owners, who see their way of life and income is under threat. translation: before the rickshaws arrived everyone just used tuk—tuks but the rickshaws use lpg so they are cheaper and they also use something we don't have, so now customers prefer them. many autorickshaw as part of quipped with autorickshaw as part of quipped with a cambodian version of uber and this has won over passengers who are not content has won over passengers who are not co nte nt to has won over passengers who are not content to haggle over the affair. translation: i changed from tuk-tuk to the rickshaw because now customers can book me by the phone
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app. passengers like to use the rickshaws because the route and the costis rickshaws because the route and the cost is on their phone so there is no argument about the price. while the drivers of the old and the new carriages might see themselves as competitors, there is a potential solution that could see both sides coming together. we are in the middle, we understand the market, we understand the driver, that is why it we encourage the driver of the traditional tuk—tuk to join us. there is little doubt the autorickshaw is here to stay but the question now is whether both sides can coexist, or is the autorickshaw firmly in the drivers seat? but before we go, here are the markets. it is all on the up to do with the trade deal between mexico and the us. we arejust looking trade deal between mexico and the us. we are just looking to canada to see if it is on the board. all of the american markets are higher and
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the american markets are higher and the asian markets are riding high. that is your business briefing. police have named a man they want to question after a mother and her daughter were stabbed to death in the street in solihull, in the west midlands, in the early hours of monday morning. detectives want to trace janbaz tarin, the former partner of the daughter. jenny kumah reports. a mother and her daughter stabbed to death. raneem oudeh was 22 years old, her mother khaola saleem was 49. theirfamilies old, her mother khaola saleem was 49. their families say they are devastated by their loss. officers are searching for raneem oudeh's
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former partner in connection with the murders. they are appealing to 21—year—old janbaz tarin to hand himself in. the police discovered the women with serious stab wounds here in the early hours of monday morning. they were confirmed dead at the scene near the family's home. i've lived in solihull my whole life, never had anything happened like this so close to home. very shocking for me, you know, with the children he and i don't know what to do. offices have been carrying out forensic tests and house—to—house enquiries but the main focus is finding mrjanbaz tarin. west midlands police say if anyone is found to be shielding him they will be prosecuted, but they are warning people not to approach him. hospital doctors are calling for the head of the general medical council to stand down over his handling of a paediatrician who was struck off. dr hadiza bawa garba was convicted of gross negligence manslaughter after six—year—old jack adcock died in 2011, but won her bid to be re—instated earlier this month. the gmc said that it was frequently called upon to make difficult decisions to protect patient safety.
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more on those stories and others in brea kfast more on those stories and others in breakfast with louise and stand in just over 15 minutes' time. —— louise and dan. this is the briefing from bbc news. the latest headlines: after a year of negotiations, the us and mexico have agreed a new trade deal intended to replace the north american free trade agreement, or nafta, as it has been known. canada's foreign minister is heading to washington for urgent talks. far right demonstrators clash with antifascist protesters for a second evening in germany. on sunday a
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german man was stabbed to death. a syrian and an iraqi man had been arrested. the uk pm will announce plans to boost britain's investment in africa after brexit. she is expected to tell an event in cape town that british aid spending in africa should also benefit the uk as well. it's time to look at the stories that are making the headlines in the media across the world. we start with mexico's el financiero. it isa it is a financial press in mexico. it says president pena nieto told donald trump they should celebrate with a tequila after agreeing a new trade deal, but also warned canada should be included. germany's chemnitzer morgenpost is covering the far—right and anti—fascist clashes there. this is the local newspaper. its front page saying the politicians are helpless and the police are overwhelmed,
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and has a double—page spread inside the paper details the violence in the city. —— detailing. the front page of the arab news among many covering the un report on myanmar‘s treatment of rohingya muslims. its headline is among the most scathing — "genocide and she did nothing", that's underneath a picture of leader, aung saan su kyi. the financial times saying an increasing number of premier league footballers are requesting to be paid in euro or are using hedging schemes to protect their pay after brexit. and a shocking study makes the guardian's lead story.
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