tv Asia Business Report BBC News October 3, 2019 1:30am-1:46am BST
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president trump has stepped up his criticism of the democrats running the impeachment inquiry. he said one congressman was a "low—life", and accused some of the media of being corrupt and reporting a hoax. the democrats said they were concerned he might try to interfere with their attempts to call witnesses to the inquiry. the british government has delivered its new brexit proposals to the european union. prime minister borisjohnson said they were the only alternative to no—deal. an eu spokesman said there was still a lot of work to be done. and this video is trending on bbc.com colombian coastguards have rescued three alleged drug traffickers from the pacific ocean, where they were using packs of cocaine as bouyancy aids. that's all. stay with bbc world news. those are the headlines. you can get more on all
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the stories on our website. or download the bbc news app. now on bbc news live to singapore for asia business report. eu-us eu — us trade dispute. washington slaps tariffs on european goods. shares in oil slides as well trade tensions fuel fears of a global recession. good morning, asia, hello, world.
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the trade dispute is not all about the us and china but between america and the european union is washington says it will impose tariffs on the eu from october 18. 25% levies will be put on french wives, single malt scotch whiskey, italian wine, olive oil and pastor have been spared. the could be retaliation on $7.5 million with a bus. after 15 years of wrangling, the largest arbitration award was handed down allowing the us to apply terrorists $7.5 billion of european experts in retaliation for illegal eu subsidies paid to abbas. president trump landed as a big win. —— airbus. 25% tariffs on
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goods ranging from wine, olives and cheese to whiskey and knitted sweaters. also tariffs on european aircraft. doctor says it will inflict serious harm on us airlines. airbus has said it will lead to a trade war. another worry for the global economy already dealing with fallout from the us — china trade war. it will not help the mood with investors anxious. it could push the global economy into recession. the nikkei is down 1.7% and australia
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296. i am not really sure whether recession is imminent but all of a sudden you have news events and as far as data been taken on board from the market ‘s perception and it is they, are we in a good space or a space? so many moving parts with trade was and the us going to open up trade was and the us going to open up and take tariffs and introduce ta riffs up and take tariffs and introduce tariffs to europe as well. these factors will play to make it a tough six months ahead. are we likely to see central banks cutting interest rates further and basically putting in place additional fiscal measures to protect their economies?” in place additional fiscal measures to protect their economies? i think so. to protect their economies? i think so. we have seen a concerted effort across central bankers over the past 12 months and that will be maintained, kicking the can down the
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road and probably further cuts to happen across many of those markets. it is not a rosy picture from an interest rate perspective and it is going to get even tougher or better from a consumers point of view. which economies do you think will cut interest rates further? probably cut interest rates further? probably cut across singapore, i would not be surprised if you take china on—board and probably in if they can cut any further. i feel as though you will see the likes of indonesia, malaysia and the other markets follow suit. from now until the end of the year, we likely to see investors staying away from risky equity markets and just shifting their attention to the safety of bonds and precious metals like gold? i would not be surprised
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to see a softness appear into the market and further sell—off if that data is any representation of what we solve. if that continues, we will see a softness in equities, a flight to safety, bonds and precious metals and it could be a nice time for the next three months for that market. also energy prices continue to fall in asian trade due to a potential oil blood in the face of the economic slowdown. energy analyst joined the earlier and i asked him what is driving crude prices down. the global demand, the global recession is a major concern. the oil market is pretty much balanced, it is not oversupplied but more of a demand, and fears of recession and
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thatis demand, and fears of recession and that is the main reason... september 14, that is the main reason... september 1a, we saw the worst supply disruption, especially after saudi arabia energy infrastructure was basically hit, and we saw prices close to $70 per barrel and now it is at $57. quincy opec tightening the screws yet again. —— could we see? the right political risks we are facing today but there are other factors forcing the current price slump. moving ahead, we do see that some of the political risks and some of the supply risks may come back it will take a little bit of time and particularly towards the end of the year there will be a slight increase in demand and supply will become a
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risk factor. why will be see an increase in demand? seasonal demand for heating oil and other things. seasonal demand means a higher refinery requirement. at the same time the supply will become tighter. plus analysts feel there is a higher chance of the prize coming back to reflect the fundamentals. where will those prices be? we think it will be about $10 higher than to date towards the end of the year. that is a given that the supply— demand balances. huawei says it is ready to sell it 56 technology to a western company to show it has nothing to hide. it is a massive campaign
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against the company from washington saying it is an arm of the chinese government. that it is helping beijing spy on other companies. some say huawei is serious about the offer but has not seen any offers again. i am not aware a major company has approached my way and given the entity list, that would have to be some kind of exception that would allow such a transaction to ta ke that would allow such a transaction to take place. if there was interest bya to take place. if there was interest by a major company, they would probably have to talk to the us government to make sure that such a transaction is something that us government does not want to block. how badly isn't hurting huawei business? if huawei is forced to find alternative sources, which we are looking for and working on now, we will be ok. the set d is there will be negative impact on a number
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of companies. it does not make any sense to block the american companies from being able to sell to huawei. the us - china trade negotiations continue. how much of a factor is huawei in these negotiations? it is unclear. it waxes and wanes. we are seeking those meetings with the us government and whoever they want us to meet with but they are not getting the word from the top that it is ok to talk with us and woke things out. even though the chinese government does not have any say over huawei, the fact that it is so heavily involved in many chinese companies, it is hard to separate the two, given laws in china that means that if they do asking for information or at some level you will have to hand that information over. we cannot be forced to turn over. we cannot be forced to turn over data we do not have. and that
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is the point. put aside the questions of what the china government can 01’ questions of what the china government can or cannot do, the fa ct government can or cannot do, the fact is there are in place to make sure that when a major telecom provider allows us to help service under their supervision to service their equipment, we can provide assurance that no data can be accessed without the company knowing and without that government knowing. that provides the actual protections that we as a global community need. thank you so much for investing your time with us. sport today is coming up time with us. sport today is coming up next. this is bbc news the top stories this hour: president trump has hit out at the democrats leading the impeachment inquiry, calling them "crooked", and the whole process a hoax.
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the european union is considering the uk's latest brexit proposals — a spokesman said there is progress but still a lot of work to be done. proposed new laws on domestic abuse are a once—in—a—generation opportunity to help victims. that was theresa may's message in her first speech in the commons, since resigning as prime minister. mrs may's government introduced the domestic abuse bill injuly, but its progress was delayed when borisjohnson suspended parliament. during the debate, the labour mp, rosie duffield, shared her own experience of domestic abuse, as our political correspondent, jessica parker, reports. a loving partner shouldn't take away your choice of clothes. it is adverts and campaigns like this about domestic abuse that are aimed at helping victims. domestic abuse bill, second reading... today, mps debated legislation with cross—party support.
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mrs theresa may. and, in herfirst commons speech since stepping down as prime minister, she said it is a landmark bill. but, of course, passing the legislation is only one step. this is about changing the attitude that people take to domestic abuse. rosie duffield. but it was this mp, who shared her personal experiences of being in an abusive relationship, that had the greatest impact. it starts slowly. a few emotional knocks, alternated with romantic gushes and promises of everlasting love, so you are left reeling, confused, spinning around in an ever—changing but always hyper—alert state. she described a pattern of threats, criticism, control and financial abuse. and the slow but sure disappearance of any kindness, respect, or loving behaviour. you get to the stage where you're afraid to go home. after 15 hours at work,
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you spend another hour on the phone to your mum or a close friend, trembling, a shadow of your usual self. you answer the phone and the sheer nastiness and rage tells you not to go home at all. and, having got out of the relationship, this message for others. so, if anyone is watching and needs a friend, please reach out if it's safe to do so, and please talk to any of us, because we'll be there and we'll hold your hand. hear, hear. colleagues showing their support. one mp later said that, through that speech, she will have saved lives. jessica parker, bbc news. plenty more on the website. you can reach me on twitter — i'm @ l vaughanjones. now on bbc news, sport today.
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hello, you're watching sport today live from the bbc sport centre. i'm ben croucher. coming up on the programme: a first champions league win of the season for liverpool, despite throwing away a 3—0 lead against salzburg. doha delight for dina asher—smith. she is a 200 metre world champion. already back—to—back world champions, new zealand crush canada at the rugby world cup, with the help of three barrett brothers. thanks forjoining us. we will starting in europe, and the defending champions league winners, liverpool. after 36 minutes, theirfirst home game of this year's competition seemed a breeze. 3—0 up, only an incredible salzburg fightback levelled the match, only for liverpool to sneak a 11—3 win. it is the first points of the group stage after an opening defeat to napoli. mo salah added to sadio mane and andrew robertson efforts.
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