tv Asia Business Report BBC News October 23, 2019 1:30am-1:45am BST
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brexit is once again in chaos after prime minister borisjohnson suffered a major defeat in parliament. mps voted to reject his fast—track timetable to pass the eu withdrawal agreement. but mrjohnson did win another vote to advance the new brexit bill. but he's been forced to pause the whole process. turkey and russia have struck a new agreement to force kurdish fighters away from the syria border. and this story is getting a lot of attention on our website. president trump has called the congressional impeachment investigation against him a "lynching", a racially—loaded term evoking america's legacy of slavery. he made the remark on twitter prompting outrage among democratic opponents, and some republicans. that's all. stay with bbc news. for more on all our stories, go to the bbc news website.
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the address is bbc.co.uk/news. now on bbc news live to singapore for asia business report. brexit bill in limbo. the pound falls as the uk prime minister loses legislation after his three—day timetable is rejected. we per hearing. the head of crypto pollens —— could because he as mark zuckerberg is set to face us lawmakers. good morning asia. hello world. it's wednesday. glad you could join us for another exciting midweek addition of asia business report. i'm rico hizon and would start with
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brexit because the uk's prime minister pledged to be the european union at the end of the month has been thrown into disarray. boris johnson hit pause on his present legislation after mps rejected the timetable to get it through the commons injust timetable to get it through the commons in just three days. timetable to get it through the commons injust three days. later, eu counsel president donald tusk confirmed that he will ask the block's 27 member states to accept the british government's request to again extend its exit deadline. was taking look at how the pound is faring in the currency market. it has fallen against the major currencies on the coble financial market. currently at 1.29. currencies on the coble financial market. currently at1.29. earlier currencies on the coble financial market. currently at 1.29. earlier i asked this market watcher about whether the uk will be better off with a long or short brexit extension. what we need to see is just a deal being done. extension of three months and all of thatjust creates so much uncertainty. we have
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already seen the economy under pressure on both sides and businesses can't invest on that basis on that uncertainty. a deal need to be done and itjust seems there is quite a lot of reluctance for that to get through and it is quite frustrating to see. it is indeed very festering or whether it be three months or a technical delay arejust a few be three months or a technical delay are just a few days, what will this mean for the british pound? the pound at the moment is reflecting the risk. if they have an extension of three months you will see the pound sits —— stay where it is in hopes someday we'll get better. but if it is three days then there will bea if it is three days then there will be a huge amount of volatilityjust based on the last three days. this is the first time a brexit bill has been supported by parliament. this is in been supported by parliament. this isina been supported by parliament. this is in a way good news was up we didn't see much movement in the plan although it is at 1.2 nine, 90 big
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fall. —— big movement in the pound. we do think that it represented goodbye and well as the uk's prices and equity markets was of the values are cheap given the uncertainties same as the pound. we do expect a sharp rally across the equity market as well as the pound if they come close to a deal. it certainly is a good indication of where the risk might be. but if it is three days, it could go either way. it is on the deal or off. it is very bad for anyone to buy ahead of it. that was oui’ anyone to buy ahead of it. that was our markets register an area the president is expected to unveil is new cabinet this weekend. —— the indonesian president. some noteworthy pics have already been revealed. the president's arrival in previous elections is expected to ta ke previous elections is expected to take a key position. the chief executive of the tech company will
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step into a new role. earlier i asked this extra from controlled risks with this mix of different characters will be able to work as a team. every indonesian cabinet is like herding cats and this when you really have rifles as you set in place including and then you have a mix of these more technocratic but liberal western educated people like the ceo of go jet that you mentioned who ran for the vice presidential ticket on that platform. so it is really a mix of the old and the new if you will. you also throw into the picture the former campaign manager who is a media magnate. there is a possibility of a new finance minister, ministry minister... what you think will be the priorities of this administration?” you think will be the priorities of this administration? i think the priorities for the president are really clear and that is he wants to
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continue his infrastructure build a campaign which he has been on for the last five years. he is key to that because they control the finance ministers —— as the finance minister. and they have 40% of its bonds overseas... she is a darling of the bond... she will probably keep her in public works ministry. so for him his legacy is going to be "i built the infrastructure that indonesia needed over my ten years, my two terms, and i need those two quys my two terms, and i need those two guys to do it." he is making an innovative cabinet but working to see his differences of opinion between the different factions? indonesian politics is transactional. you have a number of parties in this cabinet, kind of unprecedented that you bring all your opposition to cabinet when you don't need to. you only have one party and opposition formally which means that everybody‘s going to have their own vested interest which is
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true in indonesia and you and this isa true in indonesia and you and this is a real challenge for a manager or the president of some else because a lot of those are the traditional nationalist vested interests in the indonesian economy. other business news making headlines, boeing has replaced the top executive of its commercial division kevin mcallister. it marks the first high—level the purchases to fatal crashes of its 737 max was of the world la rgest‘s plane crashes of its 737 max was of the world largest‘s plane is facing a demand its previous best—selling jet printer by crashes in indonesia and ethiopia that killed 346 people. stirling office space provider has accepted a generous plan for a controversial co—founder adam newman. the japanese firm softbank will have more of its shares was on the move follows a clams after their attempt to raise money in the stock
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market. there is more from new york. softbank is to spend billions of the embattled office sharing firm faucet the japanese investment giant which already owned a third of the company will bail it out and to control by purchasing stock from existing investors, investors and former ceo adam newman. the co—founder will be paid nearly $1 billion in return for his stock and the agreement that he move off the board. it is the stunning fall for adam newman who —— rack his who is... questions about his finance and leadership style worried investors leading to a failed ipo. the softbank deal valued at $8 billion, a far cry from the nearly $50 billion earlier in the year. vivian in new york. nike has at its long—time chief executive officer mark parker will be seven to next year and replaced by board
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member and former ebay ceo john donahoe. you will be test with shaking the sports apparels online. mark barker —— mark zuckerberg will be facing... last week a court of its initial support is backed out. regulators have said the crypto currency could pose a risk to global financial stability. they are also questions about the safety of a currency run by a social media company that has put people's privacy at risk. the bbc‘s some mira hussein spoke to the head of policy for the libra crypto currency. why do we need digital currency? if you think of what digital critter currency can enable, if you and i wa nt to currency can enable, if you and i want to have something, the cost of going through many intermediaries, that almost serves like a drag on the global economy. how confident are you that you will be up to get
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this through to regulators? financial legislation of this scale where describing and the kind we are describing is not in contest with financial oversight regulations and rig into around the world ought to support low friction high—security payment systems. facebook has shown it can be pretty careless with people pot our privacy for some so why should we trust libra?|j people pot our privacy for some so why should we trust libra? i think the trust quotient has to be earned and one of the reasons we have announced so early is precisely to ensure that there is a regulatory framework that supports this entire project. we have seen companies like mastercard, visa and paypal will walk away from this project altogether. how confident are you that you will build to get this off the ground? no one was naive about the ground? no one was naive about the fact that this would require institution building and would require sort of an eye on the future. we are trying to build a generational payment network in a generational payment network in a generational system that was up with the type of innovation recipe not seeing on the plane at the scale we need to see it. will libra still
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watching 2020? we are still committed but only in a timely manner we are satisfied precatory concerns and achieve regulatory compliance framework for this framework. that was the head of policy 41 speaking to my colleague the bbc‘s samira hussain. let's look at the markets now. due to a puppet market is open for training down by .4%. the index also in the red facet this is because wall street stocks finished lower overnight. thank you very much for investing your time with us. i am rico hizon. sportsday is coming up next. just for sport today, quits bring you up to date with our main stories as ours. the uk is set for another brexit delay after boris johnson loses a vote to rush his deal through parliament. turkey and russia strike
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a new agreement to force kurdish fighters away from the syria border. the american woman who fled the uk, after a fatal road collision with the teenager harry dunn has asked to be interviewed by british police in the us. anne sacoolas is believed to have been driving on the wrong side of the road, when the accident happened in northamptonshire, in august. she later left britain claiming diplomatic immunity, despite telling police she had no immediate plans to return to america. duncan kennedy reports. he was just 19 years old. harry dunn died in august, riding his beloved motorbike on a quiet, country road. since then, his parents charlotte and tim have been everywhere from the white house to whitehall in their efforts to bring the suspect in his case to justice. they say anne sacoolas, the driver of the car involved in harry's collision, should return to britain from the united states. today, the chief constable of northamptonshire said his
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officers would go to the us to interview anne sacoolas under caution. she wants to meet officers face to face and put her side of the story across and also wants to emphasise just how devastated she is by all of this. it's nearly eight weeks since harry had his accident on a road in northamptonshire. it was on august the 27th that he died. three days later, the us embassy told britain that anne sacoolas had diplomatic immunity. 0n the 15th of september, they revealed she had left the uk. ten days later, police confirmed her departure to harry's family. today, to man charlotte said they were amazed anne sacoolas had now offered to be interviewed. -- tim —— tim and charlotte said. it's a huge step in the right direction. very much so. it feels like that we are finally getting somewhere. we were surprised, because obviously she left the country and it's a complete turnaround for us, really. we were not expecting that at all.
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police investigating the crash in northamptonshire say they will fly to the united states to interview anne sacoolas as soon as their visas are in place. they say they will then bring the information back, handed to the crown prosecution service and it is they who will decide if she is to be charged. —— hand it to the crown prosecution service. harry's family want the home office to then seek the extradition of anne sacoolas. they say it is britain where harry died and a britain where any consequences should be faced. duncan kennedy, bbc news. hello, i'm gavin ramjaun and this is sport today live from the bbc sport centre. coming up on this programme... kroos control. real madrid are off the mark, with a first win in champions league this season. turning it around in turin. juventus come back to stop lokomotiv in their tracks.
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and we're in houston for the start of baseball's world series with the astros home to the nationals. we will have an update from baseball's showpiece event between the nationals and the astros. we start with the champions league where there have been a feast of goals to enjoy across europe. big results for the english premier league sides in actions. but the pressure was on real madrid who started the night with the just a point in their group. 0ur football reporterjohn bennett joined me on set earlier, to talk about some of tuesday's key results. a professional performance from rall madrid which eases some of the pressure off of zenon genes are done. there is talk and smash me to if you bosses game he would've been sacked. i think that was an overreaction but there happen troubles off and off the pitch for him at real madrid. he scored the only goal on the 18 minute
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