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tv   Asia Business Report  BBC News  September 18, 2018 1:30am-1:46am BST

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i'm babita sharma with bbc news. our top story: rescue workers in the philippines are continuing to search for dozens of miners and their families struck by typhoon mangkhut. a landslide buried their shelter during the typhoon. experts say there is little hope of finding the missing alive. washington's announced new 10% tariffs on $200 billion worth of chinese goods, warning beijing it'll raise them to 25% if it retaliates. and this story is trending on bbc.com. the tech billionaire elon musk is being sued for libel and slander by a british diver who helped rescue 12 thai boys trapped in a flooded cave. vernon unsworth says the tesla founder falsely accused him of being a paedophile on social media. and the top story in the uk. the chancellor philip hammond has warned that leaving the eu without a deal would put at risk the substantial economic progress britain has made
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in the past ten years. now on bbc news, live to singapore for asia business report. tensions between washington and beijing gets worse as president unveils tariffs on an additional $200 billion worth of chinese goods. we have the latest reaction from the us and china. and denuclearisation isn't the only hot topic on the agenda between the leaders of north korea and south korea. samsung's de fa cto korea and south korea. samsung's de facto boss moved from jail. it's tuesday, everyone. good morning, asia. hello, world. that he could join us foran
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asia. hello, world. that he could join us for an action packed edition of asia business report. we start off with breaking news from the us and president trump has announced further tariffs on around $200 billion worth of chinese products. they will take effect next monday on the 24th of september. 0ur they will take effect next monday on the 24th of september. our business report has the latest from new york. we have seen the president says he is imposing these tariffs on $200 billion worth of chinese imports. he announced those intentions were nearly three weeks of hearings in washington as various business leaders during the united states sought to prevent those tariffs from taking effect. clearly they were successful. we see the final list of items is quite likely. why thousand 745 items will be subject. the notable thing is that certain items have been left off the list, including smart watches, at the behest of apple which said it did not want to see tariffs imposed
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which would impact the company's smart watch, the apple watch, so some successful the company but overall, business leaders have reacted negatively to this latest escalation and we've seen the trump administration might not be stopping here, ina administration might not be stopping here, in a statement announcing the tariffs, they said if china retaliated in kind, the us was prepared to tax the totality of chinese imports into the us. it's interesting this announcement comes ata interesting this announcement comes at a very interesting time with a lot happening in washington. for sure, there is a lot happening right now, particularly with the supreme court confirmation hearings but also wa nt to court confirmation hearings but also want to talk about the timing of these tariffs when it comes to us economic activity. the reason the trump administration feels safe in imposing these tariffs which will hit a range of consumer goods here in the united states, toys, furniture, the us economy is doing quite well right now and they basically have made the political
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calculation that american consumers can withstand slightly higher prices because there is quite a bit of political support for rectifying what the united states —— the united states says is an unfair trade relationship with china. china has previously said they would not participate in trade talks if the end of —— if the us announces further tariffs and the news of new levies comes as thousands of leaders from around the world are in in the eastern chinese city of tianjin, known as the summer davos. trade tensions are overshadowing the global economy. the imf warned that 0.5% oraround global economy. the imf warned that 0.5% or around $430 billion could be wiped off the global economy as a result of the trade war started by america but that was before president trump announced tariffs on another $200 billion worth of imports on the mainland. karishma,
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this is indeed a difficult time for us- this is indeed a difficult time for us— china trade relations. absolutely, and that is certainly the big topic of the day for many of the big topic of the day for many of the people who are attending the world economic forum here in tianjin. the announcement came about 1.5 hours ago and is kim pointed out, this is a serious escalation in the trade relationship between the us and china. 40% of chinese goods, all chinese goods sold to the united states, and if beijing retaliates, the us has said there is another $267 billion that it could place a tariff on. so what is china's view? i have got with me, from the chinese
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research institute, a state linked institution, one of the top think tax in the country, talking about the reaction is mrjiang shixue. first of all, i want to say, this is not good for china. at the same time, it's not good for the us either. if we look back over the past 20 or 30 years, you see every ten years, there will be something uncomfortable for the chinese economy from the outside. let's say, 1997, the so—called asian financial crisis. china came out in a nice way. ten years later, 2007, 2008, the so—called us sub—prime crisis, the so—called us sub—prime crisis, the international financial crisis. that was a little bit more support
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“ severe. that was a little bit more support —— severe. china came out of the crisis also in a nice way. ten years later, we will see this trade war. i am sure that china can deal with this trade war and compared with these two previous crisis, the current trade war is not so severe. not so severe right now but we are looking at $200 billion worth of chinese imports into the united states, possibly even more, if the trump administration has its way, everything that china makes. that is going to hurt. what is the number for china's total exports? $2 trillion us. compared with that number, this number, it's not so big. don't forget, china has a big internal market. when something happens from outside, the chinese government can still stimulate domestic demand to make up for this
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kind of shortfall. i believe that china can come out of this crisis in a nice way. at the heart of this trade war is the allegation that china has stolen intellectual property from american firms. definitely not. china or any country in the world, particularly in the age of globalisation, technology transfer is important for everybody so transfer is important for everybody so china has borrowed some technology, china has done something oi'i technology, china has done something on the so—called international base, based on international rules. it's a time —— it's a kind of technology transfer. thank you very much mr jiang shixue, the deputy director of the european institute of studies with the chinese academy of social sciences. we will be coming to you with lots more throughout the day from the world economic forum here
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in tianjin. our very own correspondence karishma vaswani. the leaders of north and south korea meet today at this time, moonjae—in is bringing the chiefs of some of the biggest conglomerates, including the biggest conglomerates, including the airof the biggest conglomerates, including the air of the samsung empire. i ask if this move is seen as moonjae—in easing his anti—corruption drive. the list of 200 people who will be going to pyongyang in a short while was announced and the blue house representatives said, trial is trial and workers work. scientists at the moment however, that's what many people are concerned about and south korea. this is a huge allegation that will be accompanying moon jae—in to pyongyang in their meeting
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with kim jong—un. are we likely to see some significant deals being forged between south and north?|j think forged between south and north?” think it would be difficult to see a significant deal in the near future because of the sanctions. how if you look at the members accompanying moonjae—in, there are ministers in the area of land transportation, railroads, forestry, so certainly moonjae—in railroads, forestry, so certainly moon jae—in wants to railroads, forestry, so certainly moonjae—in wants to collaborate with the north to improve infrastructure, transportation, railroads as well as some collaboration projects in forestry. the ras on areas like forestry that are relatively freer from the ras on areas like forestry that are relatively freerfrom un sanctions or the us sanctions for some of the sanctions however it remains to be seen if there are any major business deals in the near future. that was hyung eun kim from
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the bbc korean service joining the earlier. let's have a look on how these new tariffs worth $200 billion us are impacting the asian stock market. japan is down due to the weaker dollar. australia is down 15.5 points due to weak resource stock prices. they give are investing your time with us. sport today is up next. this is bbc news — the top stories this hour: rescue workers in the philippines are searching for dozens of miners and their families buried by landslides during typhoon mangkhut. president trump has announced a new round of trade tariffs on imported chinese goods. the mp who helped save the life of
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pc keith palmer in the westminster attack is spoken out. the photographs of the minister, tobias ellwood, helping in the desperate efforts to save pc keith palmer's life became some of the defining images of last year's westminster attack. today he arrived at pc palmer's inquest to give his official account of that traumatic day. he described the panic inside parliament, with people shouting "go back" as he went forward, and how he walked past a line of armed police officers pointing their guns to go and help their unarmed colleague who had been stabbed by khalid masood. when he got there, he found pc palmer with, among other injuries, a serious knife wound under his left arm pit. "he had lost a lot of blood and he was unconscious," tobias ellwood told the court. "i checked for a pulse.
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there was a pulse." the minister described how he tried to stem the bleeding but pc palmer's heart soon stopped, so they started cpr. at one point he was close to tears in court, saying, "forgive me, it's sometimes easier to do the helping than to talk about it afterwards." when a doctor arrived on the airambulance, there still seemed to be a chance, but even surgery on the spot could not save the police officer and he died. the doctor moved on to help other patients, leaving the minister and one other person behind. "we both tidied up the body as best we could," tobias ellwood said. "closed the eyes and i said i'm sorry." this afternoon the inquest started at looking at where the armed officers who were on duty were when khalid masood burst through the then open gates to parliament and stabbed pc keith palmer. his family wept as the court watched cctv footage clearly showing two armed officers here at the gate at a quarter to two, but then patrolling elsewhere until after the attack almost an hour later. pc palmer's family then heard one
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of those armed officers, lee ashby, say that on wednesdays they were encouraged to patrol near where ministers are dropped off in their cars for prime minister's questions, rather than by the open gates of parliament where pc palmer was left undefended. he said he'd not agreed with those instructions. daniel stanford, bbc news, at the old bailey. we are expecting the south korean president, moonjae—in, we are expecting the south korean president, moon jae—in, to we are expecting the south korean president, moonjae—in, to arrive in chong yang. he will be greeted by the north korean leader kimjong—un. more of that to come on bbc news. now, sport today. hello, i'm chetan pathak and this is sport today,
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live from the bbc sport centre. coming up on this programme: it's back. the uefa champions league returns, with real madrid going forfour in a row, but will they be able to do it without cristiano ronaldo? al duhail‘s nine match winning run comes to an end in the asian champions league, as persepolis make it into the semi—finals. and, in shock. the new vuelta a espana champion who still can't believe he won it. welcome to the programme, thanks forjoining us. the uefa champions league returns on tuesday with matchday one already serving up some big clashes between europe's top clubs. last season's beaten finalists liverpool start their campaign against paris st germain, whilst a day later the holders

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