tv Asia Business Report BBC News December 4, 2018 1:30am-1:46am GMT
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to those of you joining us on bbc world news, you are seeing light teachers from washington, dc, where the coffin of george hw bush sr is lying in state in the rotunda of the capitol building. moments ago, the first lady and president climbed the steps into the building, any moment we are expecting them to enter the rotunda, this, where the focus of the nation ‘s reflection and mourning, is focused. and will be for the next three days. now, it looks as though the president is making his way. president trump and the first lady paying their respects
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to george hw bush. he died on friday at the age of 94, now lying in state in the capitol building. and there we are, a key and important moment in the reflections and the tribute ‘s two george bush senior, the current president trump and first lady, attending to pay their respects. something that we understand that members of the public will have an opportunity to do over the next few days, and
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people very likely to be travelling from across the united states to the nation ‘s capital, to washington, dc, to pay their respects to the late george h w bush. and then, of course, the funeral for him will ta ke course, the funeral for him will take place on wednesday in the washington national cathedral, after which she his body will be taken —— after which his wadi will be taken to texas, where he will be buried. this is bbc news. now on bbc news, live to singapore for asia business report. that is right. this is president xi jinping's first official visit to
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panama. it was only last you that the two countries established diplomatic relationship. panama had to ditch its standing ties with taiwan, but in return the country saw over a dozen deals signed and the country also signed up to beijing's and road initiative. as you say, washington has been voicing concern, sending warnings to countries like panama to be careful when accepting investment because some countries ended up with a huge debt. i got to speak to the vice president back in october and asked her if her country had to choose between the us and china. sovereign countries, i don't think choose friends. the united states has been oui’ friends. the united states has been our strong ally for many, many years. it will continue to be our strong allies, we will be very close in terms of security, there is large and important foreign direct investment from the united states and we are sure that will happen.
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but we welcome foreign investment from other countries. when she says other countries, that includes china and china has been pouring money, as you say, into the region, notjust investment, but also loans, way more than america or the world bank, excessively under president xi jinping. —— especially. excessively under president xi jinping. -- especially. he is making his presence felt. thank you for that update. of course, moving on now to other stories, particularly in the oil market. opec has responded to qatar's announcement that it will pull out of the cartel by next year. it thanked qatar for decades of ownership and said it remains committed to balancing the world energy market. as our middle east report highlights, the move comesjust east report highlights, the move comes just days before a crucial meeting of these major oil producers. this decision will end
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the 57 year membership by qatar in opec. the effect will be quite minimal. qatar ranks 11th place of the 15 members of opec in terms of total oil production, clocking in at just under 2% of the total production. qataris say that politics has not factored into this decision, it is all about liquefied natural gas and they are the world ‘s largest exporter of lng. i think the market will be looking at this in terms of the broader political context. june 2017, saudi arabia led a blockade of qatar that sort it and three other arab countries are off economic trade with qatar. you will remember that saudi arabia is also the de facto leader of opec. some people may see this as a rebuke of saudi arabia and those other countries that have been participating in the blockade against them and who are members of opec themselves. is also comes at a time of tremendous volatility in the oil market and opec is set to meet
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—— meet later this week to restore stability to prices. was one of its old est stability to prices. was one of its oldest members pulling outjust days ahead, some may be left wondering whether opec can form the consensus it needs to have influence over oil markets in the way that it used to. the british government may be in co nte m pt of the british government may be in contempt of parliament for refusing to release its full legal advice on the uk's exit from the eu. the parliamentary speaker made the comment after the opposition labour party and other parties through to him with request for him to consider launching contempt proceedings. he said parliament will take up the issue again later today. said parliament will take up the issue again later todaylj said parliament will take up the issue again later today. i have considered the matter carefully and iam considered the matter carefully and i am satisfied that there is an arguable case that the content has been committed. i am therefore giving residents to a motion to be tabled tonight before the house rises and to be taken as first business tomorrow, tuesday. it will then be entirely for the house to
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decide on that motion. said in your old boy who hates reviews of toys has been revealed as youtube's highest earning star. he rakes in $22 million per year. forbes magazine estimates that ryan has seen his earnings double over the last year. since the channel was set up last year. since the channel was set up by last year. since the channel was set up by his parents in march 2015, its videos have had almost 26 early interviews and amassed 17.3 million followers topic lucky him. as the middle—class growth asia, international brands have been looking east to expand their customer base, but not all of them get it right, as italian fashion designer dolce and obama found out last, or when an advert for each show in shanghai was accused of being racist. francis dior and mercedes—benz have all had problems
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in china. brainy experts told me why, despite these challenges, western companies shouldn't underestimate the importance of the asian consumer. the western brands have been working a lot harder to go after the asian consumer, but at the fa ct after the asian consumer, but at the fact is they should be working a lot harder to go after them. why? don't they already have the brand? brands overestimate how important they are to the asian consumer. they underestimate how much the importance of the asian consumer is to them. about the large global brands, they are focusing their growth on the asian market. what they are not the only show in town for the asian consumer. a lot of the big brands you think of in terms of global dominance, apple is the only one of five of the biggest smartphone manufacturers in the world. out of the ten biggest spirit brands in the world, only one is
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western. two thirds of the global population is here in asia and as you mentioned, the likes of the brands are leading the charge but they do not have that reigned recognition in the western market. that is absolutely true. do they need that brand recognition when they can make their money? if you managed to alienate two thirds of the world who use chopsticks with your advertisers, you are in trouble. over half of dolce and gabana's trouble. over half of dolce and gaba na's sales are trouble. over half of dolce and gabana's sales are in asia, 30% of them in china, but they are not one of the top ten asian fashion brand. which particular western brands have done the right wing, the right strategy in tapping the asian consumer? that is a very good question. the brands that have managed to not by luke who they are and not try to be someone else, because in authenticity is sniffed out immediately. it is the brands that leveraging terms of what they stand for in their appeal. they have
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tailored themselves accordingly but stay true to who they are, those other ones who succeed and continue to get bigger and bigger. let's have a look now at the initial hong kong numbers, which havejust been revealed. the hang seng down by 63 points, with the all ordinaries andjapan all 63 points, with the all ordinaries and japan all in the red in early trading. thank you for investing your time with us, sport today is coming up next. this is bbc news. the top stories this hour: a major climate change conference has opened in poland, with a stark warning to delegates not to be the generation to betray humanity. president trump has paid his respects to george h w bush, whose bodyis respects to george h w bush, whose body is lying in state at the us capitol rotunda. the number of working people living in relative poverty is the highest in 20 years. that's according to a new report by thejoseph rowntree foundation. relative poverty‘s defined as an income less than 60% of the average of people living in similar circumstances. four million workers in the uk now fall into this group.
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danny savage reports. i open the curtains in the morning and hope for the best. sue prince constantly worries about money. every day, i check my bank. i need to know what's coming in and going out of my account. she has three part—timejobs, but it still leaves her with precious little to live on after paying her overheads. my rent is £495 a month, plus there's other household bills as well. i'm still only left with about £80 a month. that goes to buy my food and top up my gas and electrical. buxton‘s a bit out in the sticks, it and does get cold. on a tuesday, the day ends with a visit to an informal food bank... how important is getting this food to you each week? very. it is to me, anyway. ..where sue collects a few days' worth of supplies. i was embarrassed at first,
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quite embarrassed. but now... i don't know, it's become a way of life for me. and i know i need it. i wouldn't do it if i didn't need it. for £1.50 a visit... food which is donated, damaged or nearly out of date is handed out. they can't afford to buy it, so need this. they then return to their homes on this estate in rural derbyshire, just a handful of the four million people in the uk it's claimed are in work, but living below the poverty line. keeping the rent going, keeping a roof over your head, is often a really high priority. we also then find that they're trying to pay the water bill, the electricity, the heating and council tax, so a lot of people will be rotating between those different bills and each week working out, "which one don't i pay?" the government, though, says far fewer people are living in poverty and household incomes have never been higher. sue is getting a little more money now that she's moved on to universal credit, but is still reliant on food
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hand—outs and doesn't see that changing. danny savage, bbc news, buxton. now on bbc news — sport today. hello, i'm marc edwards and this is sport today, live from the bbc sport centre. coming up on this programme: simply the best. real madrid and croatia superstar luka modric wins the ballon dor to cap a remarkable year for the midfielder. var's coming early to the champions league. we'll give you all the details from uefa's decision day in dublin. how's about that? some sunshine australia — an aussie teenager smashes six sixes in an over on his way to a double century. hello and thanks for
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joining us on sport today. it's official, luka modric is the best football player on the planet, having been crowned the best fifa men's player back in september, he won the 63rd edition of the ballon d'or at a glitzy ceremony in paris on monday, where jo curry was watching. you have to go all the way back to 2007 for the last time there was a winner of the ballon d'or who was called cristiano ronaldo or lionel murphy. now luka modric has broken that a decade of dominance. and after his performances in 2018 it is easy to see why he was the wind still in that stage earlier clutching the trophy. at the summer's lock up the lead croatia all the way to the
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