tv Asia Business Report BBC News May 28, 2019 1:30am-1:46am BST
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our top story: president trump is beginning the final day of his state visit to japan. mr trump is expected to press the prime minister, shinzo abe, onjapan‘s trade imbalance with the us. mr abe said the two leaders had agreed to accelerate trade talks. the austrian parliament has forced the chancellor and his centre—right government from office. sebastian kurz lost a no—confidence vote in the continuing fallout over a corruption scandal. and this story is getting a lot af attention on bbc.com. a new study has found that many rivers around the world are contaminated by dangerously high levels of antibiotics. water samples from 72 countries revealed the presence of antibiotics in two thirds of cases. that's all. stay with bbc world news. and the top story in the uk:
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nigel farage says he is ready to fight a general election, after his new brexit party topped the polls in the european elections. now on bbc news, live to singapore for asia business report. trump and trade. can the us president make any concrete progress over a deal on his final day in japan? pricey perk? would you pay $75 for this cup of coffee? yes, that's 75 bucks. find out why this brew carries such a hefty pricetag. it's a tuesday, everyone. good morning, asia, hello, world. glad you could join us for another exciting addition of asia business report, i'm rico hizon. lets kick off with japan, and as
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report, i'm rico hizon. lets kick off withjapan, and as us report, i'm rico hizon. lets kick off with japan, and as us president donald trump is set to spend the final day of his visit touring the country's biggest warship in a show of solidarity with his asian ally. at the same time, the countries have yet to settle a trade deal, an issue both the us president and japanese prime minister shinzo abe has said isa prime minister shinzo abe has said is a priority. we are currently negotiating a bilateral trade agreement that would benefit both of oui’ agreement that would benefit both of our economies. agreement that would benefit both of oui’ economies. oui’ agreement that would benefit both of our economies. our goal is to reduce oui’ our economies. our goal is to reduce our trade deficit with japan, remove trade barriers and barriers of all kinds, so that us exports will really have a fair and very profound footing. translation: we agreed to speed up the trade talks. and aim foran speed up the trade talks. and aim for an early agreement. for more, let's cross over to our tokyo bureau, and we arejoined by the
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bbc‘s mariko oi. it has been a lavish four day state visit for president trump in japan, lavish four day state visit for president trump injapan, amidst a very tricky trade relationship. that's right. i don't think anyone expected a concrete deal during this visit, as you said, this is more about the ceremonial, very picture friendly, very lavish state visit by the us president. but i think it is fairto the us president. but i think it is fair to say that president trump surprised japanese officials when he first tweeted that he expects a deal after the elections injuly. japan has the upper house of parliament election injuly, has the upper house of parliament election in july, but has the upper house of parliament election injuly, but there has also been speculation that the prime minister might actually dissolve the more powerful lower house of parliament, as well, so double elections over the summer. and then president trump again said that he expects a deal in august. as you can imagine, that raised some eyebrows here in tokyo, and officials here we re here in tokyo, and officials here were quick to deny that there was no
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agreement, a deal would be reached in august. but they did definitely discuss this very tricky situation. all right, both countries have been at loggerheads basically two industries. one is agriculture and the other one is auto. so with this lavish state visit of president trump injapan, do you think he has basically softened his tough stance onjapan? basically softened his tough stance on japan? i think that's definitely the hope of the prime minister, shinzo abe. whether or not he succeeded we will remain to see, but of course it all started when president trump withdrew from that transpacific partnership, president trump withdrew from that tra nspacific partnership, that massive free trade deal involving back than a dozen countries, which was agreed under the previous administration, the obama administration, the obama administration, of the united states. but when president trump withdrew from that, that's when the trade, bilateral trade talks started. president trump again surprised reporters when he talked
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about the tpp during a press conference, which also made a news headline this morning. he said he had nothing to do with it, he is not bound by it, but he also emphasised how trade until now has been very unfair towards the united states, and that he wants that to be balanced. as you said, two main sticking points, agriculture, which injapan has sticking points, agriculture, which in japan has very strong sticking points, agriculture, which injapan has very strong lobby groups over the farmers, and also the auto set. president trump has threatened to raise tariffs, on $50 billion worth of cars and car parts in 2017 -- billion worth of cars and car parts in 2017 —— auto sector. if he goes ahead with it, that will definitely have a huge impact onjapanese companies. all right, sensitive trade talks continuing. thank you for that update from tokyo, the bbc‘s mariko oi. moving on to fear chrysler, and it has pitched a merger of equals with rival renault,
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that as it faces regulatory changes in creating the world's third biggest carmaker. if the deal goes ahead, the $30 billion plus tie—up would alter the landscape of the industry. i asked the editor of automotive news how it could impact renault‘s relationship with rivals mitsubishi and nissan. it is hard to say how it will impact both of these japanese partners but it really seems to sideline them and put them on the back burner for now. you see really renault turning its attention to its european neighbour, fca, informing a 50—50 venture, possibly, with the new company. meanwhile, it will keep its holdings in nissan and nissan will keep its holdings in mitsubishi. yet their influence in the global scheme will be significantly reduced. in your view, what are the options here of nissan and mitsubishi if indeed this merger
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materialises? it's tough for them, the new board that is being proposed between fca and renault would only have 11 seats, nissan would only get one seat on that board. right now, in the alliance with renault, there's four seats. renault gets one and mitsubishi gets one. so you can see how their influence at the higher levels of this echelon would be diminished, and it is hard to say what options they really have to increase their influence, or what this means for interference with their own management. breaking down their own management. breaking down the potential merger between renault and fear chrysler, in your view, will it succeed or will it eventually take the same road as the previous merger which was a failure? well, it's hard to say, the chrysler merger was deemed a failure yet the fear chrysler merger was deemed a
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success. fear has a history of making these kinds of mergers work, they think they can do it again, yet we have seen some of the complications that can come from even a successful merger, like renault and nissan, renault and nissan are having trouble making a merger work after 20 years, and adding a new piece to that puzzle just complicates the entire scenario. in other business news making headlines, alibaba is reportedly weighing the option of raising $20 million through a second listing in hong kong. according to bloomberg, the chinese e—commerce giant is working with financial advisers on the planned offering for as early as the second half of this year. a spokesman for the company declined to comment. alibaba held its record profit flow in new york in 2014 after hong kong refused to accept its corporate set up where a self—selected group of senior managers and alibaba controlled the majority of board appointments. a
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coffee shop in san francisco is serving up a $75 cup of coffee. are you serious? my colleague got a taste, and as the office questions, would someone spend that much on a cup of coffee, and why? all right. thank you. i think this one's the coffee. it is more complex. it tastes watery, you can taste the oil layer. and that's
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kind of more sour, in a good way. there's an obvious taste difference, but i'm not sure if it's kind of $75 worth. so why on earth would somebody spend that much on a cup coffee ? somebody spend that much on a cup coffee? this one the best of panama competition, which is really the grammys of coffee. we have sold about 20 cups. and how many cups have you given away in tastings? probably 20 as well. so would you spend $75 on a cup of
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coffee ? so would you spend $75 on a cup of coffee? i wouldn't. so would you spend $75 on a cup of coffee? iwouldn‘t. if so would you spend $75 on a cup of coffee? i wouldn't. if you have any comments, tweet us. and before we 90, comments, tweet us. and before we go, here is a quick look at the markets. the us was closed overnight due to a public holiday. let's take a look at how they are faring in early asia—pacific trade, the nikkei up early asia—pacific trade, the nikkei up by early asia—pacific trade, the nikkei up by 74 and the all ordinaries gaining 15. not a lot of liquidity in asian stocks this morning, but president trump ‘s bird investor optimism by saying there was a very good chance of a deal with china during his state visit with japan. thank you for investing your time with us. i am rico hizon. sport todayis with us. i am rico hizon. sport today is coming up next. this is bbc news. the top stories this hour: he is the first world leader to be welcomed to japan by the new emperor. now, president trump wraps up his visit, with the focus on trade.
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austria's political crisis deepens. parliament forces out the chancellor and his government in the fallout over a corruption scandal. turnout in the european parliamentary elections in the uk was just below 37%. that is the second—highest in any european election here. our deputy political editor john pienaar has been analysing the results. this was how it looked before, based on what happened in 2014. ukip ruling the roost, a big signpost of eurosceptic things to come, well before the referendum, but the two big parties still in there, slugging it out. and now look — a higher turn—up, and nigel farage's brexit party swept in and swept up voters, sick and tired. they're still waiting for brexit, three years on. the conservatives hammered, tory support crashed through the floor. labour sank, too. jeremy corbyn‘s grand strategy of trying to please the remainers past and present — most of his members and mps, in other words —
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and leavers fell flat. ukip, minus nigel farage, just evaporated. and lib dems hearts are singing — who'd have thought it? they sucked in remain—side votes, mostly labour supporters by the look of it, in the same way that nigel farage's party plundered the votes of brexit britain. now the country looks dug in for what could become a kind of trench political warfare. the brexit party didn'tjust win, in seats and votes. they came top everywhere except the remain—side bastions of london and scotland. they didn't stand in northern ireland. there, the alliance party sprung a surprise by winning a seat. the liberal democrats were the other big winners, coming second overall. labour knocked off its perch in london, including jeremy corbyn‘s islington constituency, by the way, just as the brexit party won in theresa may's seat in maidenhead. and we saw, again, younger voters and graduates more likely to vote with remain—side parties — the lib dems, the greens, who had a good election too, and change uk, who had a bad one. older voters generally lean strongly towards brexit.
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in scotland, the snp ended up happy, and here too, and in wales, labour is licking its wounds. will the crisis put more strain on the union? very likely yes. is the country deadlocked and divided? you bet it is — by region, by nation, by generation, families and friendships split in a way we've never really seen before. what now? big two—party politics may be shakier than ever. the tories‘ next leader, and all of our next prime minister will have to deal with intense pressure to deliver brexit with or without a deal, or convince the party members who will elect him or her it's time to compromise. hello, i'm tulsen tollett and this is sport today, live from the bbc sport centre. coming up on this programme: a shock at the french open as caroline wozniaki is knocked out in the first round. union berlin are into the bundesliga for the first time ever sparking wild celebrations
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among their supporters and in the next few minutes, the st louis blues take to the ice in their first stanley cup final series for 49 years, when they play the boston bruins in game one. hello and welcome to the programme, where we start with the tennis news that 23—time grand slam champion serena williams is through to the second round of the french open at roland garros. the three time winner in paris needed three sets though to get past russia's vitalia diatchenko, but it was a better day for another russian in veronika kudermetova who accounted for former world number one caroline wozniacki as sarah leach reports. 24 hours after angela kober was knocked out, another shock in the women's draw, caroline wozniaki dominated in the first set but her firm plummeted. she paid for her
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