tv Asia Business Report BBC News May 31, 2019 1:30am-1:46am BST
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our top story: president trump has launched a fierce personal attack on robert mueller. it comes a day after the former special counsel refused to exonerate the president of obstruction ofjustice. mr trump described mr mueller as "totally conflicted." the trade war between the us and china shows no sign of easing. in just a few hours, china is expected to impose tariffs on about $60 billion worth of us imports, including cooking oil and vegetables. and this story is doing well on bbc.com. a baby born weighing just 2a0g thought to be the tiniest on record to survive a premature birth has been discharged from hospital in the us. saybie weighed the same as a large apple when she was born at 23 weeks and three days. that's all. stay with bbc world news. the top story in the uk:
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a government commissioned review into university funding says tuition fees in england should be cut to £7,500 pounds a year with grants for poorer students reinstated. billion dollar taxi fare. uber‘s earnings are in the red as it reports its first quarterly figures since it disappointing stock debut. well today's second figures reveal india has lost but as the world's fastest major economy to china? it isa it is a friday. good morning, asia. hello, world. glad you could join us. hello, world. glad you could join us. we start off with uber that has posted a $1 billion quarterly loss
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isa posted a $1 billion quarterly loss is a right hailing company delivered its first set of earnings since its debut earlier this month. despite the loss, shares rose and that is because the results were broadly in line with market expectations. my colleague michelle has the details from new york. the first quarterly results seem to defy the laws of science. the more revenue goes up, the less profitable it is. they posted revenue of $3.1 billion, up from the year before. they revealed at the same time its losses for the first quarter were more than double the year before. fierce competition and the right‘s most costly delivery business 0ver needs. they were forced to pay higher incentives to attract drivers. their rivals showed strong growth ahead of the stock market flotation earlier this year. this hurt uber‘s takeaway, and that is the proportion of fairs and books
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as revenue. the growth of uber needs. the company has to pay drivers, but it also has to pay its restau ra nt drivers, but it also has to pay its restaurant partners. what to make of all of this? the company says it is seeing signs that some of these competitive pressures are starting to ease, and that may help its share price which has struggled since the firm went public. the figures underscore the challenge it faces to one day become profitable. michelle in new york. donald trump will reportedly threaten the limit intelligence sharing with britain if the uk government allows huawei to build part of the country's 5g network. the us plans to deliver the message in person during his visit in london next week. china is about to ratchet up the trade war with the us from saturday. beijing will be raising tariffs on roughly $60 billion worth of imports from
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america. the movers in retaliation from washington's increase levies on $200 billion of chinese goods earlier this month. that is after the world's two biggest economies failed to reach a trade deal. for more, she is currently on trade watch, my colleague monica miller. monica, which products are on this list? it is massive. it if 5100 items. some of the taxes are as much as 25%. let's take a look at some of what we are talking about. granite, microwaves, printers, paper, beef, you name it, it is on that list. some chinese customers who have gotten a taste for wine, they may be in trouble. the wine industry out of the wine institute in california has reported that a bottle has gone up almost twice as much since this trade war began 1a months ago. right 110w trade war began 1a months ago. right now as of midnight when these kick into gear, that will be up 15%. as for the car industry, auto parts are
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exempt. beijing removed that from the list last december. many economists agree one really wins in a trade war, and that is also true forfarmers. resident a trade war, and that is also true for farmers. resident trump a trade war, and that is also true forfarmers. resident trump had a package of $60 billion to help them out. many of them are saying that they haven't received that idea. my microwave, my beef and my paper. hopefully no singapore here — hopefully no spill over here in singapore, monica miller. the us and china close to reaching a deal to end the trade war seem some way. the chief executive of coriolis technologies told me about what she calls the weaponisation of trade. this started three years ago when donald trump was first selected, the first type of belligerent language, weaponised language came initially from the united states, and china 110w from the united states, and china now recently has accused the us of
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economic terrorism, so this is getting worse. it is getting worse, but with trade been weaponised by two of the biggest economies in the world, is it working? it is fair to say that a trade war never works and weaponising trade will not work. we are seeing the breakdown of international institutions like the world trade organisation, and when you started using language like this and you start having retaliatory tariffs, it creates conflict between countries that otherwise would not having a conflict. it is creating a lot of uncertainty for business, it is slowing down economies and so the vote — like the very short answer for that is it is not having a very good impact on the global economy. the rhetoric has also escalated with china saying that the us is doing this in terms of making economic terrorism. exactly. actually, you have to look at it in terms of what america is actually trying to do, which is, donald trump is trying to
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play to his domestic audience. what is really going on here is that the us is trying to recalibrate the world trade rules around american language and american priorities. that is a very different approach that the chinese are taking because the chinese are saying we can actually explore some of our economic model, and some of our economic model, and some of our economic growth across for example the region. it is a very definite conflict of economic systems. from this trade war, could eventually shift into an economic cold war between the us and china?” shift into an economic cold war between the us and china? i think the short answer is yes. it is very likely that this will carry on. i think it is very unlikely that there will be a full—blown global trade war because a full—blown global trade war is like the economic equivalent of pushing the nuclear bus, and however increase tensions between the us and china are very likely and there are so many financial and technological instruments that could be used to escalate this. rebecca in berlin. in
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another trade dispute, donald trump has said he will impose a 5% tariff on all mexican imports from june the 10th, and he mentioned this in a tweet earlier today. he said the levy will be gradually increased until mexico stop illegal immigrants coming through its country. that came after he tweeted what he said was surveillance video, illegal immigrants crossing the border. mexico's top diplomats in north america said it would be disastrous if the threat was carried out and vowed to retaliate. moving to delhi, and modi has been sworn in for a second term as india's prime minister after his party won a landslide majority at the recent elections. later, we find out if the country has lost its place as the world ‘s fastest—growing major economy to china. the previous set of gdp numbers were disappointing with growth slowing to its lowest rating of five quarters. there is also controversy over how this data
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is collected in the first place. india is the fastest—growing... the fastest—growing major... the world's fastest—growing economy. we keep hearing how rapidly the economy is growing. let's put things into perspective. the us is growing ata into perspective. the us is growing at a rate of 2.3%, china is at 6.3% and india's economy is expanding at and india's economy is expanding at a rate of 7.3%. but there is a lot of controversy over that figure. here is why. back in 2015 india started using a new method to calculate its gdp data. it was taking information from a database called the mca 21. a range of companies. the problem is it is connected by the government itself and they couldn't find thousands of the company listed. even assuming one third of the companies, i think that had a serious implication for the gdp estimation. i agree that the
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agreement ofan the gdp estimation. i agree that the agreement of an overestimation but not to the extent of the fact that the growth numbers. some economists have questioned how india is growing at this rate. example, according to elected government report. unemployment is at a 45 year high. this dumb —— number does not square with the high gdp number touted by the government. the economist says there is nothing wrong with this new number. the current methodology is much more than it was in the past. the government says the changes are not affected growth data and the jobs report was not conclusive. for its part, the government has announced that it will change how its statistics department works. it is not clear to clear whether that will be enough to silence the controversies surrounding india's economic growth numbers. in other business news, the us secretary of
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state has ramped up washington's verbal attacks. mike pompeo said recent attacks on oil tankers in the gulf were pulled. efforts by iranians to raise the price of crude oil around the world. national security adviserjohn bolton said evidence that iran was behind the attacks would be presented to the united nations security council next week. thank you so much for investing your time with us. sport today is coming up time with us. sport today is coming up next. — l. —— bye for now. this is bbc news. our main headline: donald trump has lashed out at robert mueller a day after the former special counsel refused to clear the president of obstructing justice. the chief medical officer for england has told bbc news that
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she's in favour of a tax on foods that are high in sugar and calories with the proceeds being used to subsidise healthier foods. hugh pym reports. how do you give children every chance of leading a healthy life? that's what policy—makers are grappling with as they search for new measures. encouraging exercise is one thing, but what are billed as bold proposals on diet are now being considered. these include a new tax on high—calorie, high—sugar food with england's chief medical officer telling me she'd look seriously with experts at how it might work. if you provide a healthy product on the supermarket shelves, that will come in cheap. if it's unhealthy, there's a levy put on top of it, which is equivalent to a tax. so, parents are then nudged to buy the healthy version, because it's cheaper and they can see it's healthy. she's been asked to report to ministers on new policy ideas
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and dame sally says her 3—month review will take a very broad approach to the problem. perhaps we should talk less about obesity, because people find that stigmatising, and talk much more about how do we change our environment to be healthy? we had to change our environment about smoking, we had to change it about road traffic accidents. what are we going to do to society to make it that our children are healthy? but in recent years, there have been a string of official government obesity strategies published. moves to crack down on advertising of unhealthy food were announced last year, but haven't yet been implemented. there have been delays in the roll—out of various obesity strategies. to what extent do you take responsibility for those delays? i should have chivvied harder in order to get us there faster, but this is a political system and a democracy and so we have to move at the pace that the politicians
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and the democratic process of consulting allows. i, as an independent advisor, do wish we could do things faster. the scottish government is also planning restrictions on the marketing of unhealthy food in supermarkets and close to schools. tackling obesity is a tough challenge. that's why bold and brave measures to shift people towards healthier diets have been called for today. hugh pym, bbc news. now on bbc news, sport today. hello, i'm gavin ramjaun and this is sport today, live from the bbc sport centre. coming up on this programme: a moment to remember on the opening day of the cricket world cup. ben stokes propels the host, england, off to a winning start. world number one naomi 0saka is given a scare on the way to sealing a place in the third round of the french open.
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and liverpool's virgil van dijk tells the bbc how much he would be prepared to sacrifice to win the champions league final. welcome to the programme. to the cricket world cup first, where england beat south africa by 104 runs in the opening match of the tournament at the oval in london. the hosts are under a bit of pressure to do well. they are on home turf and are favourites, and they didn't disappoint. patrick gearey was watching. world cup ‘s always begin with ceremony and choreography, but you can't plan everything. who could foresee south africa opening the bowling with aao —year—old leg spinner, nor this happening second bowl. jonny bairstow, zero. jason roy, one of england's biggest hitters, stay grounded. he and joe root made beautiful 50s but left before the fireworks could start. 0ver before the fireworks could start. over to the captain, eoin morgan, to launch a few rockets. he made 57,
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