tv Asia Business Report BBC News September 30, 2019 1:30am-1:46am BST
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running street—battles in hong kong as protesters prepare to disrupt chinese celebrations to mark 70 years of communism. protesters threw molotov cocktails, and police fired tear gas and rubber bullets, as they tried to stop thousands of pro—democracy activists blocking main streets. un investigators have spoken for the first time of their shock and horror hearing how journalist jamal khashoggi died at the saudi consulate in istanbul. twenty—five cars, confiscated from the son of the ruler of equatorial guinea, have got people talking online. they include lamborghinis, ferraris and rolls royces, which were auctioned off as part of a deal, reached with swiss prosecutors, to drop an investigation for misuse of public funds. that's all. stay with bbc world news.
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and you can get all the latest on our website. lots of analysis and background details. and you can get in touch with me on social media. now on bbc news live to singapore for asia business report. hong kong's burning resentments ahead of the 70th anniversary of china's communist party. we look at the economics of the anger. we look at the issues hanging over the markets. welcome. we start with hong kong
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because, as we have been watching, the city has been the scene of fresh clashes between demonstrators and police over the weekend. hong kong has now been gripped by practice against the beijing backed government for overfour against the beijing backed government for over four months. they have been led by young people fighting the extradition bill and universal suffrage. we go behind the growing resentment as economic inequality rises to its highest levels in 45 years. in a city of bright lights and big dreams, prospects for young hong kong people are dim. these are students yet to face the real world but, behind the cover drudgery and carefully smiles, lies anxiety about the future. cover drudgery and carefully smiles, lies anxiety about the futurelj wa nt to lies anxiety about the futurelj want to change my family's life for them because they have two wildcard
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to pay for food them because they have two wildcard to pay forfood prices. when i grow up to pay forfood prices. when i grow upi to pay forfood prices. when i grow up i cannot do that. even when i graduate from university i will leave with my family. i spent lots of money to buy a small flat and it limited the imagination of my life. these have field resentment of a system they feel has ignored them. our economy is dominated by a handful of powerful families. they are reluctant to give ways in high—tech industry even though some young people want to get into the high—tech industry but, basically, there are not a lot of good chances for them. bleakjob prospects makes buying a home out of reach. consider
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this statistic, more than half of hong kong's households not on enough to own their home. they would have to own their home. they would have to save the entire salary for 18 yea rs to save the entire salary for 18 years just to be able to do that. government subsidised housing were meant to be the solution but there are not enough of them. there is more than enough land in hong kong but developers see little incentive to build public housing. if they develop into residential housing on a private basis, they fetch ten times as much. i must say, in the last 10—15 years the government has not been brave enough to make sure to make sure we will meet supply in the medium term. hong kong was a city built for business but while business thrived, others were left out. the government now recognises it needs to fix things but it may be too little, too late. staying with
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hong kong, another protest is set for tuesday is communist china celebrates its 70th anniversary. the rest has continued for 17 straight weeks hitting the global financial hub. i asked why and what are the biggest concerns faced by multinational companies? when we work with our clients across the asia pacific, we guide them to have an understanding of the entire region and notjust hong kong, understanding that is quite important and what they are worried about is that this is a period of prolonged crisis and leading with resilience and through the anxiety is something topmost in leaders mines. have they discussed or suggested plans of moving away from
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hong kong? right now, most of the leaders respect to seem to be adopting a wait and watch approach. a lot of business continuing to plan ata a lot of business continuing to plan at a safety level but some of the best leaders are ensuring they are creating enough support systems, keeping the dialogue open for employees, talking through what is happening and what it means for their lives, families and careers. the chief executive of cathay pacific, a very well—known hong kong brand, he resigned after a storm of criticism from china because of his employers participation in some of the protests. is it a sign of x had leader out of touch with china? —— x patriot. they need to keep the environment radius. the station
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switched on. and that is what i mean by understanding the culture of the greater china region and leaders that are able to do that and being good bridges between hong kong and china otherwise it does have a stake on the business and leaders. some advice you could give some of these leaders if these protests do not let 7 leaders if these protests do not let up? there are three things we talk about leading through a prolonged crisis. keep your radar switched on and understand your people and broader culture. secondly, building organisational resilience, creating systems to help employees adapt. the third is around creating community care. it could be lonely at the top especially very anxious. ensuring they are reaching out to other leaders. onto the market as they are
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about to enter the fourth and final quarter of the year with a whole load of uncertainty hanging over them. brexit, the ongoing trade war between the us and china, and impeachment proceedings against donald trump. how might the markets be impacted? it is going to be an extremely busy quarter, particularly october and, i think, extremely busy quarter, particularly octoberand, ithink, you extremely busy quarter, particularly october and, ithink, you have highlighted all of these political concerns. they are increasingly becoming economic concerns and affecting the real economy so i think it is going tojust affecting the real economy so i think it is going to just add to this wave of uncertainty with brexit, particularly around whether a no—deal brexit will be going ahead 01’ a no—deal brexit will be going ahead or not. uncertainty if it goes or does not go ahead, what sort of brexit will it look like but i think
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it is the trade attentions which is going to be the biggest risk for the economy. “— going to be the biggest risk for the economy. —— tensions. it has affected trade volumes, business investment and the risk is that flows onto employment and consumer spending. they will be watching closely to see whether some sort of deal can be gobbled up between the us and china. and the hope is that... lets talk about the impeachment proceedings against donald trump. we saw the markets move as a result of that. what impact is that likely to have? there has been some impact on markets in that it has affected because any sort of political risk will translate into uncertainty for financial markets but, at this point, that has not been a huge
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impactand point, that has not been a huge impact and that is likely because, even though there is some uncertainty, it is not expected to have a significant economic impact on earnings and businesses. it is not affecting business is the same way as the trade tensions. not a significant impact on markets but still that element of uncertainty for them. in other news: the world trade organisation is set to rule on aus trade organisation is set to rule on a us request to impose tariffs on billions of dollars of european goods potentially sparking a new trade war. arbitrators are scheduled to meet at 10am local time in geneva to meet at 10am local time in geneva to finalise the 15—year—old case brought by washington. the us is seeking compensation for what it says are illegal subsidies to the plane maker airbus. and looking at the few things we were watching this week because later this morning we
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are expecting those chinese manufacturing numbers likely to show a continuing slowdown. on tuesday, consumption taxes in japan a continuing slowdown. on tuesday, consumption taxes injapan go up from 8% to 10% and also on tuesday the reserve bank of australia will make its latest policy decision and finally rounding off the week on friday, interest rates focuses to india with the reserve bank of india. let's take a look at what impact that will have on the markets. the nikkei has already open and it is down as investors await nervously those numbers from china. this is bbc news — the top stories this hour: there've been running battles on the steets of hong kong, as china prepares to celebrate the 70th anniversary of the communist state.
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un investigators speak for the first time of their shock and horror listening to murdered journalist jamal khashoggi's final moments at the saudi consulate in istanbul. the government's key announcement at the start of the conservative party conference, was on funding for hospital projects in england. our health editor, hugh pym, takes a look at the details. new money for old hospitals, that is what it is up to. in south—west london, they admit some of the buildings are not fit for healthcare. now they have a new green light for acute hospital. it is likely to be built here, one of the projects highlighted by ministers. what we are putting in
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place today is a ten year programme of hospital building and rebuilding. six of the projects will start immediately. the rest we will develop the plans but they are getting the go—ahead. develop the plans but they are getting the go-ahead. what are the details? £2.7 billion invested over five years at six trusts stopped £100 million for another 3a to start planning further projects over the next decade. following the announcement today, the prime minister visited a hospital. health leaders welcomed the news but said it is just leaders welcomed the news but said it isjust a leaders welcomed the news but said it is just a start and there is still a backlog of repairs.|j it is just a start and there is still a backlog of repairs. i think it is good news for the six hospitals concerned but they are just the tip of the iceberg. we have a backlog and we need to invest in a digital to provide 21st century healthcare. a good start but we need a lot more. it is significant that
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it will come directly from the treasury another initiative which impose long—term cost burdens but it remains to be seen precisely how the government intends to raise the money. the conservatives hope that doesn't more hospital facilities will be built but they will be subject to who is in power and what is affordable at the time. more than 60 flood alerts have been in place across england and wales because of heavy rain. persistent downpours have led to some rivers bursting their banks and localised flooding of roads. many of the warnings are for coastal areas with higher than nornal tides swelled by the rain. the heavy showers are expected early in the week. and you can get in touch with me and most of the team on twitter. i'm @bbc kasia madera. now on bbc news sport today.
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hi there. welcome along to sport today with me ben croucher. coming upforyou: we'll show you how shelly—ann fraser—pryce extended her sprinting legacy with gold at the world championships in qatar. australia's rugby world cup ambitions took a blow as they were surprised by wales in tokyo. and the speediest star in sochi. lewis hamilton capitalises on a bad day for ferrari to win the russian grand prix. hello, thanks forjoining us wherever you're watching around the world. to doha first where jamaica's other sprinting superstar was at it again. shelly—ann fraser—pryce added yet another world 100 metre world title to her burgeoning collection, underlining her status as one of the greatest sprinters in history. ade adedoyin took it all in. while shelly—ann fraser—pryce won her first at the olympics in 20 —— 2008 and there are very
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