tv Asia Business Report BBC News October 25, 2018 1:30am-1:45am BST
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explosive devices have been sent by mail to barack obama and also hillary clinton. similar packages were sent to several other politicians, as well as the new york offices of cnn television. president trump said acts of political violence had "no place" in america. saudi arabia's crown prince mohammed bin salman has promised to punish those behind the murder three weeks ago of the journalist jamal khashoggi. and there's a lot of interest in this story online: our second special report on china's muslims minority. our correspondent has been speaking to those who have fled the western chinese region of xinjiang, leaving families and communities behind. that's all. stay with bbc news. and the top story in the uk: debenhams is understood to be looking to close 50 of its 166 stores in a radical overhaul. about 4000 jobs could be affected. now on bbc news live to singapore for asia business report.
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asian markets have opened sharply lower after us stocks erased all the gains from this year. and in saudi arabia's powerful crown prince speaks about the killing of the journalist for the first time. good morning and welcome to asia business report. we began it with yet another market sell—off because of japan's market has yet another market sell—off because ofjapan‘s market has begun yet another market sell—off because of japan's market has begun trading this morning sharply lower, opening in fact 3% in the rap, as well as australia's market. that is after american shares fell sharply
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overnight as you can see the dow jones fell bodily to an happenstance and the s&p points over 3%, practically erasing all the gains made this year. as for tech stocks above the nasdaq was also down by over 4%. it was in fact they worst day in over seven years. investors are worried about weak corporate profits and the global economy growth as well as rising interest rates. but of course weighing heavily on investor's mize is what else was about the trade war between the world's else was about the trade war between the worlds to biggest economies. according to a top think tank in beijing, it could not i/2% according to a top think tank in beijing, it could not 1/2% off of china's economy growth. we are already started to see some impact. last week, we heard that shone up of economy grew at these levels —— slowest pace since the crisis in 2009 at six and a half percent in the three months since september. the trade war is nowhere near ending. more terror to come into
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effect in january. ending. more terror to come into effect injanuary. this is a chief executive of american apparel and footwear association, which are presents more than 1000 big clothing brands and he says his members are already feeling the pinch. brands and he says his members are already feeling the pinchm brands and he says his members are already feeling the pinch. it is very simple what happens when you get into a trade war. prices go up, sales go down, jobs get lost and the worst thing is that you are baking inflation into the system. the inflation into the system. the inflation that you bake it becomes unrecoverable. consequently, we hope with great sincerity that this gets resolved sooner versus later. in fa ct, resolved sooner versus later. in fact, the way we see it right now, the titanic unfortunately is tied up in the dot. the passengers are loading. they know with the icebergs are and may also know there is not enough like buzz. so this is going to bea enough like buzz. so this is going to be a disaster unless someone steps up and fixes it real soon. it isa steps up and fixes it real soon. it is a little disconcerting to hear
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the two presidents are going to meet on the sidelines in the bonus ire is at the end of november. they should be on the front lines having a discussion. we are going to damage in java and discussion. we are going to damage injava and in america. this is not good for anyone. not to say that the issues are not serious, but we have a whole history in america of knowing that nobody wins a trade war. in 193a, a loss of a 2002, a loss, 2009, and loss. nobody wears a trade war and nobody is going to win this one either. and the trouble administration want to argue the tax benefits from the tax cuts and also that this would make american companies move back to america to manufacture. are you seeing that happening? no, no. this is not drawing manufacturing back to the us. it is scattering around the world. and we will have had incredibly good partnerships in china and the cicada supply chains that brought a lot of value to
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americans, this is going to be lost. iam americans, this is going to be lost. i am meeting with people in hong kong this week. they are starting to vacate shall not, and once they leave, they do not combat. this is not a good thing. this is not going to help anybody. as we told you on doucet, the powerful crown prince of saudi arabia has spoken about the murder ofjamal saudi arabia has spoken about the murder of jamal khasoggi for the first time. he said at a conference in riyadh that those responsible we brought tojustice. in riyadh that those responsible we brought to justice. many said that he was responsible and there was a mass exodus of leaders from the conference. but some still went and 50 agreements were signed worth $34 billion with foreign firms, including hyundai from south korea and a french hotel. we will have more analysis shortly but first let's hear what the crown prince had to say about the murder. the crime
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was really painful to all saudis. and i believe it is really painful to every human in the world. it is a heinous crime that cannot be justified. today, saudi arabia is carrying out all legal things to finalise the investigations to work with the turkish government and to present the perpetrators to the court and take theirjudgement. earlier, i spoke to a professor from the open university ofjapan who says he is surprised by his reaction. he has not faced the suspect and everyone suspects he is behind this murder but he is saying that he is cooperating with the turkish government to investigate. it is an interesting story he is telling. of course, japanese companies have some relations with this royalfamily companies have some relations with this royal family in companies have some relations with this royalfamily in saudi arabia,
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most notably softbank with its huge investment fund. we understand that they pulled out of this conference as will has been the reaction in japan to this ongoing coverage of the killing of jamal japan to this ongoing coverage of the killing ofjamal khasoggi? personal, the japanese public is a surprise because the japanese media have not reported about the darker side of this crown prince. he is per trade as visibly as a reformer trying to change saudi arabia, trying to change saudi arabia, trying to change saudi arabia, trying to bring his kingdom into the zist trying to bring his kingdom into the 215t century. and they never mention the dictatorial nature of his rule for the past three years. before that, i guess japanese media is quite responsible for the surprise. and it i do not speak for the japanese company, my hunch is that the japanese executives are embarrassed about this affair. and i think they should be embarrassed about investing in a saudi arabia,
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who is bombing yemen, in any children in hospitals, and who is starving millions of yemenis among other outrageous things. joining is earlierfrom tokyo. now other outrageous things. joining is earlier from tokyo. now the other outrageous things. joining is earlierfrom tokyo. now the indiana rupee has been the worst performing asian currency this year, which is creating problems for the indian economy. earlier this month, creating problems for the indian economy. earlierthis month, itjust an all—time low against the american dollar and there are concerns that they could slide even further in the months to come. and this has less policy makers in india worried. the bbc starts this report from new york city. it has been two months since this man moved from india to new york to pursue a masters degree at columbia university. but in that short time, the cost of his education has gone up sharply. he took alone in india at rupees worth $35,000, but since he received alone, the indian currency has lost
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more than 10% of its value, making it more expensive for him to the debt. he is not alone. there are thousands of students from india struggling with the impact of a wea ker struggling with the impact of a weaker currency. i was planning my masters and the rupee was around 56 or 57 or something but i plan my finances accordingly but now my buffer is gone. i have to plan my if it's a very carefully. if i am buy groceries, in india, after to buy a lot of heavy stuff and now have to cover my eyes a bit too get cheap stuff. back home in india, both large and small businesses are also feeling the heat. this factory located near mu bot manufactures led lights that argues for a loading screens in stadiums across the country. the farm imports more than it for percent of the components are required to make these products. with the rupee weakened, the cost of importing, bowness has gone up substantially. companies like these
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start working on these products six to eight months in advance and the time of delivery. the costing is based on the value of the currency at the time they get the order. which is why the rapid fall of the indian rupee up in recent months is starting to have a severe impact on the profitability of these businesses. the rupee has lost nearly 20% of its value against the dollar in 2018. but the worst is not over yet, as analysts expect the indian currency to fall further in the months to come. i am very concerned. if this goes on, we are in trouble. i might have to cut back of my business. i cannot take on increasing prices. i might lose a lot of business if the dollar keeps rising at this rate. rising prices have been the biggest reason for the steep fall of the rupee. india imports 80% of its fuel needs and as world prices rise, the country has to use more dollars to pay for it. that puts pressure on the rupee to
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fall further. and if crude prices continue to rise, the analyst warned they could then interrupt basic economic growth that india has witnessed over the last year. let's recap our top story because the markets are seeing cards. japan down, all markets down after wall street fell last night with all markets wiping out the gains made this year. that is it for this edition of the asian business report, thank you for watching. this is bbc news. the top stories this hour: the fbi intercepts a wave of suspected bombs sent to high profile american politicians, including barack 0bama and hillary clinton. the motives aren't clear. president trump says such violence has no place in the united states. a so—called celebrity hunter has provoked anger after posting
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pictures of dead wild goats and sheep she'd just shot on the scottish island of islay. the local msp, who is also a government minister, described it as "horrific" and has called for the practise offered by several tourist companies to be stopped immediately. the scottish government says it expects shooting to be carried out humanely. a warning that some viewers may find rebecca curran's report upsetting. music welcome to my office. larysa switlyk describes herself as a hard—core huntress, seen here hosting her programme, she recently took a trip to scotland. and it's these images posted online by her that are causing quite a stir.
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they show miss switlyk posing with a goat she apparently killed on islay. 0thers show her in camouflage with a rifle. and another with a dead ram. i think that for every person that will find this an attractive image and bring them to islay, there will be 1000 or more will be repelled and horrified. it's unacceptable, it shouldn't be happening. i've raised the issue with the environment minister and i know that people are by and large outraged by it. and in celebrities including comedian ricky gervais and tennis coach judy murray have also condemned the pictures. feral goats are a non—native species in scotland and the states are obliged to control their numbers. hunting them isn't illegal on private land. sport tourism that is people coming to stalk them at £150 million a year. £69 million of that is spent on shooting and stalking. the bulk of that money comes in in the autumn and particularly the winter months. rural economy struggling with other forms of tourism benefit enormously. from relatively wealthy tourists coming at that time of year. it's easy to see why tourists flock to islay. but for some, it is not
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for the stunning scenery. several companies offer the chance to stalk and shoot wild goats. here and other of the uk. whispering: we see them, but... miss switlyk did not respond to requests for comment today. rebecca curran reporting there. two men who stole £500,000 worth of designer watches in an armed raid at the gleneagles hotel in perthshire have been sentenced to a total of 29 years. richard fleming and liam richardson used a gun, a machete and hammers in the robbery at the hotel's mappin and webb shop injune last year. passing sentence, thejudge, lady carmichael, said the robbery was an act of serious premeditated criminality which would not be tolerated. now on bbc news sport today: hello, this is sport today live from the bbc sport centre.
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coming up on this programme: barcelona make it three wins from three in the champions league as messi watches from the stands. there will be a new winner of the asian champions league as kashima antlersjoin persepolis in the final for the first time. and angelique kerber wins her first match of the season—ending wta tour finals. hello and thanks for joining us on sport today. all that to come, but first, game two of baseball's world series is under way, as the boston red sox look to extend their advantage over the los angeles dodgers after winning game one on tuesday. chris mitchell is live at fenway park. chris, how's it looking? that it thatitis that it is dan's hair and very topic.
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