tv Asia Business Report BBC News August 2, 2019 1:30am-1:45am BST
1:30 am
the headlines: president trump imposes more tariffs on china, and he threatens they will go higher depending on how trade talks go. he believes they will be worth another $300 billion in chinese products, and could go higher, despite saying trade talks with beijing have been constructive. north korea fires another missile from its eastern coast, the third missile test in a week. south —— and this video is trending on bbc .com. this 18—year—old has become the first jockey wearing a hijab to win a competitive horse race in britain. for the race, she said she hoped she was helping to make the sport more diverse. and the
1:31 am
top story here in the uk: an raf helicopter is helping to protect a town in derbyshire in danger of flooding. now on bbc news, asia business report. jump‘s new tariffs hit markets. shares, oil and the dollar slide as the us president announces fresh levies on china —— trump's tariffs. admission to bangkok. how the uk is hoping to line up post brexit trade deals in asia. good morning and welcome to this friday edition of asia business report, live from singapore, with me, mariko 0i. let's start with the trade war. as you have been hearing on newsday, the us president has announced fresh 10%
1:32 am
ta riffs president has announced fresh 10% tariffs on another $300 billion of chinese products from the start of next month. it is the latest move in the escalating conflict between the world's two august economies and comes world's two august economies and co m es after world's two august economies and comes after a new round of talks this week showed no signs of a significant breakthrough. the announcement is hitting financial markets hard. check this out. wall street reacted negatively, and japan's nikkei opened almost 2% lower as the us dollar fell. the bbc‘s michelle fleury has more. lower as the us dollar fell. the bbc's michelle fleury has more. he began his talk with praise for negotiations in china. he described this week's talks in shanghai as positive and constructive. that was before he went on to escalate the trade rift between the two countries by threatening more tariffs. president xi, he is someone i like a lot, i think frankly he wants to make a deal, but frankly he is not going fast enough. he said he was going fast enough. he said he was going to be buying from ourfarmers,
1:33 am
he didn't do that. he said he was going to stop fentanyl coming into oui’ going to stop fentanyl coming into our country, he didn't do that. we are losing thousands of people to fe nta nyl. are losing thousands of people to fentanyl. the levy won't go into effect until september, giving china time to make concessions before negotiations restart in washington. ta riffs negotiations restart in washington. tariffs were imposed last year on $250 billion in chinese made goods. china retaliated. but this round is likely to have a far greater impact on american consumers. the price of everything from toys to smartphones to computers are likely to go up. economists at moody's warned the added uncertainty would dampen business investment, while the us chamber of commerce said the move would undermine an otherwise strong us economy. the news comes a day after the head of america's central bank warned of the risks of rising trade tensions to the us and to the global economy. as michelle just mentioned, this latest move by
1:34 am
donald trump comes just a day after the us federal reserve cut its main interest rate for the first time since the financial crisis. earlier i asked nikki hartley from deloitte access economics whether the trade war is the main issue facing the world's central bank ‘s. war is the main issue facing the world's central bank 's. we are already seeing downward momentum in us business investment, and the chinese economy, we have evidence that it chinese economy, we have evidence thatitis chinese economy, we have evidence that it is slowing quite markedly. further sanctions is just going to make this even worse situation. world growth could slow quite markedly here. global central banks used to be co—ordinated. are they now, or is it a really tricky balancing act these days? there is no co—ordination at the moment and there is less need for it when the world economy is growing at a reasonable sort of rate. but if we are going into the slow era, then co—ordination is going to be called for. and it is going to be harder because everybody has a different levels of interest rates. the us has
1:35 am
more room to move, having raised rates over the last couple of years. so we are in very different positions and very different positions and very different positions of strength. it is going to bea positions of strength. it is going to be a big challenge, but of course, there are always measures like qeii come to the fore, it doesn't have to be interest rate cuts. and we also have president trump trying to interfere with how the fed operates. we are kind of starting to get used to how he tweets about it, but it is quite unprecedented. it is not only unprecedented, but i consider it to be extremely dangerous. jerome powell said he wasn't responding to the president's comments on twitter, but clearly there is a presumption there that this is in fact, you know, too early move for them, especially when they don't have much firepower. it seems to be too much ahead of the curve. and presidents and prime ministers, however, should keep out of the independence of central banks, which are absolutely critical to the success that they have had and to the continued
1:36 am
success have had and to the continued success going forward. nicki hutley speaking from sydney earlier. foreign ministers have been meeting this week in the thai capital of bangkok. and one of the last minute arrivals was britain's foreign secretary, as the country makes preparations for a no deal brexit. dominc raab said the uk is not looking to swap trade with the eu for asian markets, but looking to the future. the reality, as the eu has said, is that 90% of the opportunities in the future will come from the growth markets, from latin america to asia, and asia—pacific is probably the biggest opportunity of all of those regions. so this is about the future. well, the uk has roughly 90 days until it exits the european union. 0ur southeast asia correspondent jonathan head says many countries in the region are curious to see where britain is heading. it seems there is quite a bit of interest among the ministers here in what britain is going to do after brexit, assuming it leaves on 31 october. it is not
1:37 am
all negative, but of course, the reality is trade deals with this region, i can't think of a trade deal that's been done in this region that took less than five years. what he is getting is offers from some countries, notably singapore, which is farther ahead than others on this, agreements to existing free trade agreements with the european union, which of course includes britain at the moment, to rollers over once prison leaves, which would help, but we don't know how many of those rollover agreements could actually be completed by 31 october. but i think you have to see this visit also very much, by dominc raab, as signalling to brussels that his government is already focused outside of europe, that it is looking elsewhere, and signalling back to a home audience that are wonderful opportunities once prison leaves the eu —— britain leaves.
1:38 am
that really is in the future, and many are asking what is mr raab doing here when he has such a tight deadline and such strained relations with both brussels and with dublin as well. i think people may question the value of this visit. he certainly feels that for the future it is something absolutely essential for where britain heading at the moment. at the same event, singapore's foreign minister said he is committed to keeping a free trade agreement with the uk in place, for the good of both countries. regardless of what ultimately is decided by the british voters and the british government, we stand ready because of our shared commitment to free trade. and that is why saying we would be quite happy to go over the provisions of the eu singapore fte to britain and it could occur as early as one november. across the world, brands are paying social media influencers billions of dollars to promote their products, whether it is in fashion, interior design or fitness. but products, whether it is in fashion, interior design orfitness. but in india, there is a new crop of
1:39 am
influencers, farmers, who are using social media to share knowledge on innovative agricultural practices. the bbc went to meet one of them. translation: i get so much recognition from youtube. everywhere igo, recognition from youtube. everywhere i go, people know who i am and they come to say hello. i have become a full—time vlogger and youtube are. my focus has been to give farmers information they didn't have access to before —— youtuber.
1:40 am
in the beginning, my channel didn't get any attention from companies. but when my videos started getting millions of views, companies started giving me products like tractors and spreading machines to review. it is a win—win situation for everyone. translation: i have learnt a lot about dairy farming from darshan's videos, like how to take care of my
1:41 am
cattle and how to prepare their feet. before social media, i only got this kind of information from my family. people asked me ifi am under pressure to get more views on my videos, but i don't worry about that. if your content is good, then people will always watch it. and before we go, a reminder of our top story, president trump announcing fresh 10% tariffs on another $300 billion of chinese products, and this is how asian markets are reacting. japan's nikkei opening almost 2% lower. that's it for this edition of asia business report. thank you for watching. our top stories: donald trump is imposing more tariffs on chinese imports after this week's trade talks fail to reach agreement. north korea fires another short—range missile. it's the third test in over a week.
1:42 am
there have been significant increases in the number of teenagers going into care in england over the past five years. it is up by 2i%, while the number of young people being taken into care is falling. 0ur correspondent reports. why me, why not someone else? why do i have to go through this? 0rion was put into care to feel safe, but after being passed between 20 carers, his childhood trust in social services was destroyed. there's not much transparency, so you feel like everything's secrets and lies, everyone's plotting against you, everyone's spreading rumours. and how did that make you feel? you feel like you're isolated, that no—one's there, so you end up sourcing help from your peers. and obviously, sometimes you find the wrong peers.
1:43 am
i got into a lot of trouble. i got in trouble with the police, i got in trouble with social services. a report has found there has been an explosion in the number of teenagers going into care in england over the last five years, putting a strain on services. many have complex, expensive needs, and are more likely to be moved around, and can be exposed to criminals. i would represent lots of children who have allegedly committed crimes that if that same action had happened within a normal, natural family setting, would never have resulted in the police being brought in. that is then the start of a journey, for many, who are perhaps more likely to experience it into adulthood. while councils are asking for more money, the government says it is investing millions to help protect some of these children. but, for campaigners, it is notjust about cash. they want to see a shift in society, to get rid of some of those entrenched negative attitudes towards people who have been in care.
1:44 am
for 0rion, though, he has travelled the country helping young people in care, in the hope others don't experience what he did. frankie mccamley, bbc news, newcastle. the birth rate in england and where has has fallen to its lowest level in 80 years according to official figures. just over 657,000 babies born in 2019, a drop of 10% compared to 2012. now on bbc news, it's time for sport today. all no this is sport today live from the bbc sport centre. coming up. steve smith returns to the australian test team and scores a century as he rescues his side in the first ashes test against
1:45 am
england. the south african will head into the second round of the women's british open. and an 18—year—old student is the first person in the uk to win a competitive horse race while wearing a hijab. welcome to the programme. a century from australia's steve smith underpin the opening days test against england in birmingham. the tourist but in the first after winning the toss a dreadful start with both openers going chiefly what they recovered from being 35/3 at one stage thanks to smith in his first test match since serving a band for his part in lusty‘s all tampering scandal. he made 144 as the australians posted a first innings total of 284. stuart broad in chris works took eight
57 Views
IN COLLECTIONS
BBC News Television Archive Television Archive News Search ServiceUploaded by TV Archive on