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tv   Asia Business Report  BBC News  May 14, 2019 1:30am-1:46am BST

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i'm samantha simmonds with bbc world news. our top story. markets in the us and europe have fallen sharply after china announced steeper tariffs on $60 billion worth of american imports. the dowjones suffered it's biggest daily loss this year — down more than 2%. but president trump has insisted things ‘are working out very well. people have been voting in the philippines in elections that could see the hardline president consolidate his grip on power. rodrigo duterte‘s hoping his allies take control of the senate, which has previously been critical of many of his policies. and this video is trending on bbc.com. and tributes have been paid to the hollywood legend doris day, who's died at the age of 97. the actor and singer made nearly a0 films, starring alongside cary
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grant and rock hudson. and the top story in the uk. the man in charge of stadium safety at the time of the hillsborough football disaster in 1989 has been fined £6,500. graham mackrell is the first person to be convicted of an offence relating to the tragedy in which 96 liverpool fans died. the trade war escalates, china hits the us with higher tariffs on $60 billion worth of goods. nissen mortars after ghosn. —— nissen motors after ghosn. set to release its earnings after the ousting of the powerful former boss. its earnings after the ousting of the powerfulformer boss. it's tuesday. good morning. glad you could join us. let's kickoff the
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programme with the ongoing trade war. beijing has now said it will increase tariffs. from the first of june. in response, the us has published a list of $300 billion of chinese products including mobile phones and laptop computers which could be subject to fresh levies. a short while ago, president trump said he hopes to meet with chinese president xijinping next said he hopes to meet with chinese president xi jinping next month. said he hopes to meet with chinese president xi jinping next month. we are dealing with them and we have a good relationship. we'll be meeting at the g20 injapan and that will be probably a very fruitful meeting but we are taking on right now hundreds of billions of dollars. hundreds of billions of dollars of tariffs. the dispute hitting stocks in the united states. a big drops on financial markets here in new york and a big
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pa rt markets here in new york and a big part of it is that investors had really been pretty confident they we re really been pretty confident they were going to see a trade deal between china and the united states but clearly all that has changed. now the two sides seem very far apart. if you look specifically at the companies that saw some of these big falls here in the us, it's companies that are china focused so apple, for example, or boeing. these are companies that sell a lot to the chinese market and they were taking a hit on monday. we talked about the significance of these latest moves. it's really significant. it's really kind of astounding. i'm surprised that it's gotten to this level but i would say that both sides are kind of dog in now but doesn't drive you nuts to hear trump continue to say we are taking in money? us taxpayers are paying money. it's not the same
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as taking in money. what happened is that china miscalculated because trump genuinely speaking backs off this kind of thing. he really tends to be very soft and dealmaking so they thought they could just pull it out of the last minute. they miscalculated both sides, the stridency of the chinese media is pretty alarming. the chinese renminbi is to radiating, it doesn't look good on that side. and all remaining imports from china were 300 billion us dollars. that's right. he doesn't like it when the market drops but we may be going into a cycle he can't control. larry kudlow has said both sides will suffer from this kudlow has said both sides will sufferfrom this ongoing kudlow has said both sides will suffer from this ongoing trade
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tension. will it be china or the united states. the united -- united states ? united states. the united -- united states? it's more serious for china but that does not mean it's not going to be serious for the united states so there is going to be enormous pressure on the renminbi, they will respond with stimulus and if this does go on, i wouldn't be surprised if the renminbi peg didn't break and when that breaks, watch out, goodbye gold. nissen continues to deal with the fallout from the ousting of former boss carlos ghosn. 0ffered ending in march would be around $2.8 billion. 0n march would be around $2.8 billion. on saturday, president trump is expected to desired whether an extra tariff of up to 25% will be put on ca rs tariff of up to 25% will be put on cars and parts exported to the us. earlier i asked auto analyst janet lewis based in tokyo how much nissen
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might be impacted by this decision. missile is actually in a relatively good position because well over 90% of the cars they sell into the us market are assembled within north america. there could be some peripheral impact on parts but generally speaking, nissan and honda are the least exposed tariffs. the ousting of carlos ghosn, how much is that impacted the company's strategy? one of the key differences of opinion with carlos ghosn was the focus on market share. currently you are seeing them pull back from what was quite unprofitable sales. things like fleet sales. you are seeing their overall numbers for quite sharply. the key will be whether they are successful in lowering
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incentives in order to improve the profitability in the us market. the second fallout, you've seen the departure of several senior managers and that's obviously going to impact them as they look both internally and externally to fill some of those empty posts. are we now sing a clearer strategy for the car manufacturer going forward? clearer strategy for the car manufacturer going forward ?|j wouldn't manufacturer going forward?” wouldn't say that we've actually seen a full new strategy presented. there are suggestions the company is going to come out with new numeric targets. clearly the targets put in place 18 months ago simply are not achievable in terms of total sales, they were looking for an 8% operating market. considering this year is less than 3%, that would still involve a doubling of profits.
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a bit ofa still involve a doubling of profits. a bit of a glitch that we had with that interview earlier from to go. leaders in bangladesh have expressed concern over safety in the country's garments factories following the decision to end western— backed inspections. the alliance was set up by western retailers following the 2013 disaster. the inspectors have implemented hundreds of safety measures in factories described as death traps for workers. more from ducker. clothes made in factories like these here reach far and wide. last year, the bangladeshi clothing industry exported more than $30 billion worth of clothes. it's a lucrative injury but marred by accidents and tragedy. dozens have been killed every year and fire and building safety incidents. previously, safety wasn't given much
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attention in the garment industry but nowadays, the first thing the auditors and buyers are doing is to look at the safety standards in the factories. i think in the last five yea rs, factories. i think in the last five yea rs , we factories. i think in the last five yea rs, we have factories. i think in the last five years, we have moved forward in a safety situation has improved. the new safety measures have boosted the confidence of workers. the rana plaza disaster in 2013 was a watershed moment for the bangladeshi garments industry. more than 1000 workers were killed when the building collapsed. following the rana plaza disaster in 2013, western retailers and fashion brands set up to safety mechanisms to improve building and fire safety and bangladeshi garments that is. they have inspect that hundreds of trees in the last six years, advising them on how to improve safety standards in the factories. the inspection regimes have led to a dramatic decrease in the number of accidents
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and deaths. last year, the alliance ended its term and the accord has sought an extension. bangladeshi factory owners say the safety regimes should end amid escalating costs in improving safety. in the accord and alliance league, they will not any thread because already we make our industry safe, even from the government side, we have monitoring system. even from the buyer side also, monitoring systems. but the accord insists inspections in bangladesh is vitalfor the industry. in a statement, they said: bangladesh is the second biggest exporter of ready—made clothes next only to china. western retailers have increased buying clothes from bangladesh after the factories there improved safety standards. union leaders warned that if the western—backed safety inspections and, the damage to the garments industry would be profound and
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lasting. let's now have a look at the stock markets in asia and the escalating us china trade war continues to basically topple asia—pacific markets in early tuesday trading with japan down by 385 points and australia losing 1.196, 385 points and australia losing 1.1%, also not helping sentiment, us stock market stumbling overnight with the biggest loser in the red by 3.4%. thank you so much for investing your time with us. more updates. goodbye for now. this is bbc news. the top stories this hour: there's been a sharp fall on global markets after china hits back in the trade war with the us. president trump says things are working out very well.
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the philippines‘ controversial president could be set to consolidate his hardline rule as votes are counted in midterm elections. an investigation into rape allegations against the wikileaks founderjulian assange is being reopened by the authorities in sweden. he has always denied the allegations and sought refuge in the ecuadorean embassy in london for 7 years to avoid extradition. mr assange, who was jailed last month for breaching his bail conditions , also faces extradition to the united states for his alleged role in unlawfully releasing classified military material. caroline hawley reports. it was this dramatic moment that paved the way for today's decision. julian assange evicted by the ecuadorians last month. his political asylum stripped from him, under arrest for skipping bail. and now, from sweden, there's to be a new european arrest warrant. translation: after reviewing the preliminary investigation in its current state, my assessment is there is still probable cause to suspect thatjulian assange committed rape.
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the investigation into julian assange began back in the summer of 2010, when two women accused him of sexual assault on a visit to sweden. he was arrested and fought a legal battle against extradition, which he lost. in 2012, he went into the ecuadorian embassy. 0utlasting the time limit for the less serious allegations to be investigated. two years ago, swedish prosecutors shelved the rape case because they couldn't pursue it. but that changed last month, whenjulian assange was hauled out of the embassy. today, the lawyer for the woman accusing him of rape said they wouldn't give up until the case was in court. translation: the decision of the prosecutor, we feel, is clear, signalling something important and it is that everyone is equal before the law. that no—one is above the law, even if you are called julian assange. he's now behind bars in belmarsh jail, facing two extradition requests from sweden and from the us, where he is wanted over the mass leak of american state secrets. his lawyer in sweden says he wants to clear his name. we are open—minded to co—operate with the swedes, but we are highly
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critical they do this because this is a ten—year—old story and it died two years ago and it should have remained dead. it will be for the home secretary to weigh in onjulian assange's fate and decide which extradition request takes precedence. it would be very difficult politically for sajid javid to say a rape is not as serious as a computer hacking offence, and another factor he would also have in the forefront of his mind, i think, is the limitation on this rape offence in sweden runs out in august 2020. the most important factor for him to take into account is the relative seriousness of the offences. rape is a very serious offence. computer intrusion in this context is a serious offence as well but, ultimately, i think the home secretary will decide that
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rape is the more serious of the two. hello, this is sport today, live from the bbc sport centre. coming up on this programme: inter move back to third in serie a as the race for champions league places intensifies. serena williams wins her opening match at the italian open to set up a second round clash against sister venus. and controversy at the giro d'italia, as fernando gaviria is handed the win in stage three after elia viviani is stripped of the victory. hello and welcome to the programme, which is centred on italy —

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