tv Asia Business Report BBC News May 6, 2019 1:30am-1:45am BST
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our top story: more than a0 people are feared dead after a russian plane made an emergency landing in moscow. a fire broke out on the sukhoi superjet just after ta ke—off. a video on social media shows the plane bouncing as it came in to land. 78 passengers were on board. more than 20 palestinians and four israelis have been killed after escalating cross—border violence on the gaza strip. the israeli army says more than 600 rockets have been fired into israeli territory since saturday, while it has hit 320 targets in response. and this video is trending on bbc.com. an unlikely model made an appearance at a fashion event in marrakesh this week. a grey—and—white cat managed to gatecrash the show. it quickly went viral on social media, entertaining cat lovers from around the world. that's all. stay with bbc world news.
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and the top story in the uk: the shadow chancellor, john mcdonnell, has said he doesn't trust the prime minister, accusing theresa may ofjeopardising the cross—party brexit talks for her own personal protection. trade war escalation. the us president, donald trump, threatens to raise tariffs on china ahead of talks planned for this week. and the robots are coming. as artificial intelligence makes advances, we ask, is yourjob next? hello and welcome to asia business report. i am karishma vaswani. we start with the us president, donald trump, saying he will raise tariffs on $200 billion worth of chinese goods, because talks on a us — china trade
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deal are moving too slowly, according to him. the us president has tweeted that tariffs of 10% on certain goods would rise to 25% on friday and 300 $300 billion of untaxed goods could face a 25% duties shortly. you can see those tweets there. the wall street journal has reported that beijing is considering cancelling meetings planned for this week. i asked a correspondent whether the us president's tweets are just a part of his negotiating stance. it is the negotiating tactic. he has done it every time ahead of the last few meetings. look, the market is expected to be weaker, clearly, signalling to the volatility during this week. but it is a negotiating tactic. he wanted this deal as much as china. it will be good for business once any negotiation has reached a conclusion. and how much ofan impact
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reached a conclusion. and how much of an impact with this have on both economies if these tariffs do indeed get put in place on friday, and the rest of us? look, it will be enormous. we have already seen that global growth slowed quite dramatically in the last month, partly due to the china slowdown and partly due to the china slowdown and partly due to this conflict. everything was on hold, a lot of companies have issued profit downgrades on the back of those. now, if he is going to increase more tariffs, that will have a meaningful impact which in our view is not in his best interest, to be honest. well, he has talked about the fact that it well, he has talked about the fact thatitis well, he has talked about the fact that it is china that is paying these import taxes, but that is not actually true, is it? it is american importers who are bearing the brunt of these tariffs. look, there is an impact on both of them, and american companies have issued profit downgrades on the back of it. so to me it is an impact on both economies, as well as the flow on impact across the global economy is.
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i can't expect you to understand what's in the mind of the chinese trade delegation, how do you think beijing will react to these tweets when people in china wake up later this morning? i think in china they probably, like the rest of the world, i thought of getting used to his negotiating tactic. theirfirst surprise was in may last year when he changed his mind, so i think they will take it constructively. and the aim is to reach a deal. moving on, uber is gearing up for the year's biggest stock market debut on friday. the ride hailing company has been valued at $85 billion, setting a benchmark for its rivals around the world, including here in asia. tencent and aliba ba the world, including here in asia. tencent and alibaba dominate the chinese market after uber sold its business there in 2016. after sustaining heavy losses, the
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platform withdrew from southeast asia last year, selling out to grab. it now holds a stake in the singapore —based firm, and grab faces stiff competition in its home country as well as malaysia, the philippines and vietnam from indonesia based go jek. philippines and vietnam from indonesia based gojek. i asked a correspondent whether uber‘s ipo will set a benchmark for the valuation of ride hailing companies in asia. i definitely think so. it is extremely exciting, and i think they are going to go really well. i think the interesting thing with grab and go—jek, if anything they have even more potential since they are turning into super apps, doing much more than what uber is doing, adding payment, adding a lot of other services, so if anything, i think we will potentially see even higher. but these companies, including uber, it takes them a very long time to turn a profit. in the interim, they are burning cash. how
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do they become so appealing to shareholders, and how realistic are these valuations? i mean, shareholders believe at some point in time it will go into natural mode, that the area they have access to, the ability to add more services, will ensure it is harder for competitors to get in and offer a similar type of service. i say the jury a similar type of service. i say the jury is still out there, either you believe they will be able to create this at some point in the future, in which case the value will continue to grow, similar to other big technology firms, like google, but they haven't proven they can do that yet. it might be in a situation where it is always easier for competitors, in which case they will never turn a profit. so companies like grab and go—jek could never turn a profit? with grab and go-jek it isa turn a profit? with grab and go-jek it is a little bit different, because they are turning into super apps. because they are turning into super apps, which is a little bit similar
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to the tencent journey apps, which is a little bit similar to the tencentjourney in china, adding new services. and in southeast asia, grab are becoming a payment service, the same for go—jek. they are entering here and giving out bank accounts to people who don't have a bank account with a traditional bank. i think the journeys will be a little bit different and if anything they are ina different and if anything they are in a better position than uber is. now, in other business news making headlines, the european union will reportedly launch a formal anti—trust investigation into apple in the next few weeks. that is according to the financial times. it comes according to the financial times. it co m es after according to the financial times. it comes after spotify accused the iphone maker of playing the playing field to disadvantage competitors. warren buffett has said he wants to invest more in the uk and other parts of europe, despite uncertainty about the uk's future relationship
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with the eu. speaking at his annual shareholders' meeting, he said he would like his firm to be better known across the atlantic. avengers endgame has crossed another box office milestone, taking more than $2 billion around the world. that has made it the second biggest grossing film of all time, and on target to take the number one spot from avatar. are you worried that a robot will take your job? from avatar. are you worried that a robot will take yourjob? well, thanks to advances in artificial intelligence, that question has become, is yourjob next? ai enthusiasts argue that technology frees up people to do less menial jobs, but what work will actually need doing? 0ur correspondent reports from dubai where ai engineers and entrepreneurs gathered to discuss the future of the workplace. at this artificial intelligence summit in to buy, engineers and enthusiasts from around the world are trying to get to grips with one of the most
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powerful emerging technologies. but the enthusiastic networking and brainstorming here is tempered by a sobering thought — that al brainstorming here is tempered by a sobering thought — that ai will cost some people theirjobs. the large american retailer walmart is already using machines to stack its shelves and scrub its flaws. robots are replacing humans. but it is notjust low skilled jobs that will be affected by the new industrial revolution. lots of jobs are going away. they are not all blue—collar jobs, they are also white—collar jobs, they are also white—collar jobs, so entry—level service professionjobs, jobs, so entry—level service profession jobs, lawyers and bankers. so what can be done about it? in sessions like this, the government has partnered with microsoft, among others, to provide much—needed ai training for local businesses. retraining is very important, my background is hr, and i really believe that people should anticipate these changes and prepare themselves for the future. the i
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think it is going to require a lot of help from the ai practitioners, yes, definitely. but there is great opportunity i see. the uae's minister for artificial intelligence says he is keen to pre—empt the harm ofjob says he is keen to pre—empt the harm of job losses says he is keen to pre—empt the harm ofjob losses and social unrest. says he is keen to pre—empt the harm of job losses and social unrest. we are marking out all thejobs of job losses and social unrest. we are marking out all the jobs that are marking out all the jobs that are going to be affected and we are reducing the number of graduates in these jobs, reducing the number of graduates in thesejobs, while also reducing the number of graduates in these jobs, while also creating programmes for people who will lose theirjobs programmes for people who will lose their jobs because of programmes for people who will lose theirjobs because of ai and put them in other positions that might be useful moving forward. but the government admits it can't provide training for everyone. the private sector and individuals, it says, will have to play their part. no—one here doubts that al will have to play their part. no—one here doubts that ai will shake up the workplace, but despite the turmoil, many think it will be transformative. but turmoil, many think it will be tra nsformative. but perhaps turmoil, many think it will be transformative. but perhaps the most striking thing of all is how politicians and companies are like appearing over the edge nervously —— alike. and a quick recap of our top story this morning, the us president
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donald trump saying he will raise ta riffs donald trump saying he will raise tariffs on $200 billion worth of chinese goods by this friday, because talks on a us— china trade deal are moving too slowly, according to him. a quick look at how markets are faring this morning, the us— china trade war at the top of the minds of asian investors as they wake up to the news of the trump tweets. you can see just a slight reaction on japan's trump tweets. you can see just a slight reaction onjapan‘s nikkei, more of a in australia. —— more of a reaction in australia. trading in this part of the world is likely to be thin, which means it could be more volatile. thank you so much for joining me. this is bbc news. the top stories this hour: more than a0 people are feared dead after a russian plane caught fire and made an emergency landing in moscow. israel has targeted and killed a senior palestinian militant in gaza, as hostilities
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between the two sides escalate. a 17—year—old girl who was murdered in wiltshire on friday has been named by police. ellie gould was pronounced dead after emergency services were called to an address in calne, near chippenham. a 17—year—old boy has been arrested on suspicion of her murder. police commissioners in england and wales are calling on prosecutors to scrap a controversial new form asking victims of crime, including rape complainants, to hand over their mobile phones or risk prosecutions not going ahead. the association of police and crime commissioners says the policy could undermine the criminaljustice system. andy moore reports. these are the new consent forms that could be used by the police, asking victims of crime, including rape victims, to allow their mobile phones and other data to be examined. campaigners have described them as a digital strip search. and
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now support for the view that police have gone too far has come from an unusual source. the association of police and crime commissioners, who are elected by us to hold police officers to account. the forms were introduced after a series of scandals where vital evidence held in social media was not handed over to rate defendants. it was seen as an attempt to improve the thoroughness of investigations. police said data would only be examined where it was relevant to an enquiry. but the association of police and crime commissioners opposes the move. david lloyd, the organisation's lead on criminal justice, told the observer newspaper... the police and crime commissioners say that in some cases, material and
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connected to the rape case has been obtained by officers and used to undermine the complainant. the police say they are trying to balance privacy and justice. but those whose job it is to over see the police say that on this occasion they have got the balance wrong. a 13—year—old boy has died after getting into difficulties in the sea off llandudno, in north wales. the coastguard pulled the child from the water at pigeon‘s cove just after 9:00pm last night. he was airlifted to hospital in bangor, but died there. police are not treating the death as suspicious. now on bbc news, sport today. hello. this is sport today. live from the bbc sport centre. coming up on this programme: no champions league football for manchester united next season. they blow a lead against huddersfield, to miss out on the top 4. tantrums for kyrgios — the australian makes a real racket in madrid, as he's beaten
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in the first round. and max homa wins the wells fargo championship for his first career pga tour victory. hello and thanks forjoining us. manchester united's hopes of competing in next seasons champions league are over after they failed to beat bottom club huddersfield on the penultimate matchday of the english premier league. 0le gunnar solskjaer‘s team will have to settle for europa league football next season after they drew 1—1 at the already relegated club. the terriers had managed just four points in their previous 23 games — but they earned a draw as isaac mbenza's first goal for the club levelled scott mctominay‘s first—half effort. the result means united can't catch either chelsea or tottenham and have only a slim chance of finishing above arsenal in fifth. we haven't deserved to be top four.
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