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tv   Asia Business Report  BBC News  June 4, 2019 1:30am-1:45am BST

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our top story: president trump's attended a state banquet hosted by the queen at buckingham palace, as he begins his uk state visit. he praised "decades of treasured friendship" between the us and uk. but some politicians boycotted the occasion and the leader of the opposition will attend protests against him on tuesday. pakistan's investigating whether medical malpractice could be behind a sudden spike in hiv. around 600 children have been diagnosed in a month. and efforts to change attitudes to high heels injapan has caught people's attention online. a petition calling for a ban on workplaces forcing women to wear them has gained nearly 20,000 signatures. the ku too campaign mimics the me too movement, playing on the japanese words for ‘shoe‘ and ‘pain‘. that's all. stay with bbc world news.
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we have lots more news stories on oui’ we have lots more news stories on our website and more about what president trump will be doing on tuesday, his second day of his state visit. now it is time for the business news. fangs blunted. the us heavyweights are set to launch groves into the sector. tiananmen square anniversary. china's economy 30 yea rs anniversary. china's economy 30 years on from the brutal crackdown that shook the world. good morning, vietnam, hello, well. it is a tuesday. glad you could join us for an exciting addition of asia business report. i'm at rico hizon. we kick off the programme with us technology stocks. they slumped
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overnight in new york under reports that enforcers are set to launch probes into the sector's biggest players. the so—called faangs. they are all losing ground overnight. the biggest loser among the major indices. michelle fleury has all the details from new york. the spark that set it offers the prospect of greater regulatory scrutiny. us anti—trust enforcers have apparently carved upjurisdiction anti—trust enforcers have apparently carved up jurisdiction for possible investigation into google, facebook, amazon, and apple. it is not uncommon for the agencies to negotiate over who gets to vet which companies and markets. it is to avoid application, stepping on each other‘s toes. and claiming jurisdiction is still a long way from filing an actual anti—trust lawsuit. it is worth noting that the last big anti—trust suit in the united states was against microsoft
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and that was roughly 20 years ago. pa rt and that was roughly 20 years ago. part of the challenge is that it is ha rd to part of the challenge is that it is hard to show american consumers that have been harmed. that is a requirement of the law. big tech companies like google and facebook and turn around and say, hang on a second, we are providing services for free second, we are providing services forfree in second, we are providing services for free in exchange for people's personal data. but make no mistake, the threat is real. for a while, many americans have come to believe that the tech industry is too much power and ease to be reined in. but washington has tended to be hands off. silicon valley was seen as an engine of economic growth not be tampered with. but opinion is shifting. republican sadeghi companies have a liberal bias against them, while the democrats say these firms are too powerful and are hurting consumers and society. to quote bob dylan, it seems for the big tech companies the times are changing. michelle fleury new york. apple has been holding its annual
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developers conference in sanjose, california. this year's headline grabbing announcement is a phasing out of itunes. the download store that upended the music industry when it first was launched in 2001. the bbc‘s north america technology reported dave lee has the details. it has been almost 20 years since steve jo bs it has been almost 20 years since steve jobs introduced it has been almost 20 years since stevejobs introduced itunes into the world. the world of entertainment has changed a lot since then. as many apple fans have been predicting for some time, itunes is going to be phased out and replaced, instead, with three separate apps, one for music, one for podcast, and one for apple's tv subscription service that is coming later this year. another significant announcement at this year's event was a feature apple ‘s calling sign in with apple. it creates a unique e—mail address for every app you sign up to. which means if there is a database sign up to. which means if there is a data base down sign up to. which means if there is a database down the line it will not affect you as much. and that data is not going to be useful for advertisers, either. forthe first
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time in six years apple announced a new desktop pc. it will cost $5,999 to start, which means it is being aimed squarely at the creative industry, a group of people who feel they have been slightly neglected by apple in recent years. dave lee, bbc news, in san jose apple in recent years. dave lee, bbc news, in sanjose stop the world is marking a key date in china's modern history, june four 1989. marking a key date in china's modern history, june four 1989. that is when authorities brutally clampdown ona when authorities brutally clampdown on a massive pro—democracy protests in beijing's tiananmen square, killing many. three decades later the communist party is still in power and has a tight control over the country, including the media, online space, and businesses. and since then china has claim to being the well‘s second—largest economy behind the united states. —— well‘s the world bank rose —— estimated 370 million of its citizens live below the international poverty line. earlier political economist will hutton told me how the ajio ——
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events of june hutton told me how the ajio —— events ofjune for shaped china. they were notjust protests in tiananmen square. they were in 100ad other chinese cities. it was a huge deal. —— 175. there was some hours where the regime thought it would fall. that is remembered vividly by the communist party elite. now the economy is faltering they are keenly aware that it could happen again. you mentioned in your introduction that media remains tightly controlled. all forms of social controlled. all forms of social control in china are intensifying. witch—hunts against allegedly corrupt officials. i mean, the party is really reaffirming its control... if you are saying it can happen again, could this be led by the middle—class, which sparked the tiananmen square protests 30 years ago? absolutely. i think that in the next ten years it is quite likely this could happen again. president xi has now said that he is
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essentially a president for life and there will be a huge succession fight in five or ten years time as he approaches 80 years old. i think the middle class will want a say in how china is run. i don't think this is forgotten at all. amen, the idea that in china... bus, will, since tiananmen square 30 years ago the middle—class has seen enormous growth of double—digit expansion over the past decades. so why would they revolt within the next ten yea rs 7 they revolt within the next ten years? haven't they benefited from tiananmen square where? china's economy is slowing down. it is wracked with enormous imbalances. you can't increase consumption in china without a strong welfare state without individual property rights. the party can't give those without creating a class of people who might
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actually want independently to have actually want independently to have a voice in how china is run. you only have to spend any time in china, people talk to you privately, and they are keenly aware that actually this circumstance can't continue. remember that china's dynamism requires a vital middle—class. that middle class is being controlled, the economy is slowing down. it wants a voice. will hutton in oxford. a study‘s central bank is inspected to lower its key interest rate today. it comes in the face of a housing slump and rising unemployment. —— australia. earlier nikki hartley told me what he thinks a rate cut will have a minor impact on the country. interest rates are only 1.5%. a 25 basis point cut, we already know that the lower the rate cuts get the more marginal the impact that that level. add to that high levels of household debt and a relu cta nce high levels of household debt and a reluctance of consumers to spend and it is not at all certain that this
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rate cut will involve better consumer spending, which is what our economy. . . consumer spending, which is what our economy... so what measure or measures will have a more effective impact on the australian economy apart from a rate cut? obviously there are other types of monetary policy that can be brought to bear. quantitative easing is one that the reserve bank has flagged, but one that they are not necessarily keen to embrace at the moment. the other one is fiscal policy. we know we have a significant rate cut coming through for low and middle income owners on the first ofjuly and possibly a little bit more if they can get that pass the parliament in the next couple of weeks. that fiscal stimulus is probably going to be better, that timely, targeted, and temporary stimulus will probably have much more of a meaningful impact on consumer behaviour, putting cash directly in households' hands. so with a combination of fiscal and monetary measures, will they save the australian economy
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from the risk of a recession? look, a thing they can. even though china is slowing, part of offsetting that slowing is increasing investment in infrastructure. that has gone through to higher steel production, higher iron ore prices. australia's terms of trade are reliant on vinyl. from an income point of view we still have some firepower left in the economy that will keep us going to stop identity we are drifting towards recession just yet. we just need to be careful and there are options open to us, whether monetary policy does anything today with those lower rates i'm fairly sceptical. nikki hartley from deloitte economics joining us from sydney. in other business news, making headlines, one of the uk's most high—profile stock breakers has suspended trading in the largest fund as rising numbers of investment as ask their money back. investors have withdrawn about 500 and £60 million from neil woodford's fund over the past four weeks —— 560
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million. let us have a quick look at the asia pacific markets which are open for trade after most of the us indices finished in negative territory. unfortunately, we are seeing a plus for the nikkei and the warlords. —— all 0rdinaries. and with that we in this edition of asia business report. thank you so much for investing your time with us. see you again in the next hour. goodbye for now. welcome back. you are watching bbc news. our main story this hour. president trump has praised "decades of friendship" between the us and uk, at a banquet which capped the first day of his state visit.
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staying with that now and organisers say they're expecting more than a quarter of a million protestors to turn out on london's streets later today here's our special correspondent, lucy manning. "haven't seen any protests yet," the president tweeted, "but i'm sure the fake news will be working hard to find them." they were just below his helicopter as he landed for the state banquet, although just a few hundred strong. he's a racist, he's a climate change denier and he's a playground bully, frankly. i don't think he's earned a state visit, i don't think he should be having dinner with the queen. sexist, misogynist. ijust don't want him to be here. don't you think it's right that as the leader of one of our closest allies he should be here for a state visit? if he were a better human being, yes. ijust feel i am condoning it by rolling out the red carpet. the president also tweeted, "tremendous crowds." it was in truth a low—key turnout for demonstrators
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and supporters alike. i would say enjoy great britain and london and watch what you tweet because it sometimes comes across the wrong way. he is the best leader now that we have in the world and really the american people, they should treasure him, they really should treasure him. i don't necessarily think that people should be all upset about trump. it is the office of the president. tomorrow is the big day of protest. tens of thousands of people are expected out on the streets. they won't get near to president trump but they are hoping when he is in downing street that he will hear their protest outside in whitehall. say it loud, say it clear! donald trump's not welcome here! the labour leaderjeremy corbyn, instead of dining with the president tonight, confirmed he will be protesting against him tomorrow. with a wave for those who had
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come to support him, the president who generates such strong views for and against him mightjust spot more protesters on the second day of his visit. lucy manning, bbc news. 0n the first day we had lots of pomp. 0n the first day we had lots of pomp, on the second day we are expecting some protests. there are also expecting some politics, that will be the day when president trump will be the day when president trump will meet the british prime minister, theresa may. they have lots to discuss, including climate change and huawei. robert lee some awkward conversation there. we will have extensive coverage across bbc news. —— probably. now on bbc news, sport today. hello, this is sport today, live from the bbc sport centre. coming up on this programme: pakistan stun england at the cricket world cup, winning by 1a runs at trent bridge.
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novak djokovic enters the record books at roland—garros, with another straight—sets win moving him through to the french open quarter—finals. and caster semenya will not need to take testosterone—reducing medication to compete, after a swiss court temporarily suspended a new iaaf ruling. hello and welcome to the programme, where we start with cricketing news, and there has been a shock at the world cup, with hosts and favourites england beaten by pakistan in nottingham. england needed to pull off the most successful chase in the tournament's history, but fell short, with pakistan winning by 1a runs, as patrick gearey reports. if you went by formal figures, pakistan had no chance in this, but that's what they want you to think. no other cricketing nation swings so freely from low to high. having lost all ten wickets for 105 on friday, now they made 82 without losing one.

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