tv Asia Business Report BBC News February 18, 2020 1:30am-1:46am GMT
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leaked documents seen by the bbc provide new evidence of china's crackdown on uighur muslims in the region of xinjiang. the documents appear to give a stark insight into china's decision to send nearly a million uighurs and other muslims into mass detention camps. beijing denys targeting any specific religious or ethnic group. the us technology giant apple warns it won't achieve its forecast revenues for this financial quarter because of the coronavirus outbreak. and this video is trending on bbc.com. it's a no—holds—barred video of an australian firefighter during the bushfire crisis, the most watched on the bbc news website. paul parker claims his profanity—laden rant against prime minister scott morrison is the reason he's been fired by the new south wales rural fire service, something they deny.
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more on our website — bbc.co.uk/news and the news app. now on bbc news, live to singapore for asia business report. apple warns it won't meet its revenue reductions due to the coronavirus out break. and americans are drinking less milk, leading to the decline of the dairy industry there. hello, and welcome to asia business report. i am karishma vaswani. let's begin with the coronavirus, also known as covid—19 because in the last few hours, apple became the major us firm to say it won't meet its revenue projections for the current quarter due to the
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lake. it appears china's communist party will postpone its most important annual gathering. the tokyo marathon has been cancelled for general runners. in singapore, it is expected to unveil a massive budget to offset a slowdown caused by the coronavirus outbreak. at a time when the economy is already feeling the pinch from the us china trade war, singapore has indicated it will increase spending. companies will be given tax rebates and rental waivers while set is badly hit such as tourism and retail get specific help as part of a coronavirus relief package. it's also pledged to give households support package cushion the impact of the higher cost of living. in the past, things like cash handouts to individual taxpayers, especially for those in lower income households. this comes a day after authorities slashed the
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country's economic growth forecasts due to the outbreak of the coronavirus. earlier, iasked due to the outbreak of the coronavirus. earlier, i asked an expert if they expect this budget to be as big as sars. singapore's are not economy has become bigger, it's far more networked through trade in commerce. “— far more networked through trade in commerce. —— economy. all those factors have helped singaporean growth but resulted in the soft underbelly where it's growth but resulted in the soft underbelly where its left more vulnerable to such pandemics. as a result, we are expecting an expansionary budget, a swing in the fiscal position taken to a deficit of the magnitude of one — i.5% fiscal position taken to a deficit of the magnitude of one — 1.5% of gdp however i don't think that will necessarily get singapore's growth back up to trend. what it will do is limit the downside risks is the
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uncertainty around the coronavirus and especially what happens with china's macro out continues to weigh on the economy more broadly. later today, the owner of holiday inn, crowne plaza and internet into —— intercontinental hotels is expected to unveil numbers with investors watching closely. intercontinental has a43 hotels watching closely. intercontinental has 443 hotels in china, hong kong, macau and taiwan with four in wuhan. more than 60 million tourists visited china in 2018, the fourth most popular tourist destination but with parts of the country in lockdown, iag is currently offering free cancellations until the end of the month. —— ihe. in india, the drug industry has seen a huge surge in the prices of key pharmaceutical ingredients and that's because it
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relies heavily on chinese imports of raw. . . relies heavily on chinese imports of raw... tell us about the prices of key pharmaceutical ingredients. it relies heavily on chinese imports of raw. . . relies heavily on chinese imports of raw... in sensual ingredients in the manufacturing of painkillers as well as antibiotics are seeing a surge of as antibiotics are seeing a surge of as much as 40— 60%. i spoke to the indian pharmaceutical alliance which represents the local pharma companies and it's happening because traders and stockists are holding raw material is the uncertainties continue as a result of the coronavirus outbreak. in fact, you depends on china for at least 80% of its raw materials. it's definitely going to be having an impact on drug manufacturers, at least those that
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have low inventory levels. no impact on the final consumer because those prices are regulated by the government. what we do learn is that drug manufacturers would be having a meeting to discuss various issues including an option to import some of these intermediaries from europe. and you will be watching that closely. in australia, growing pressure on the central bank to do more to stimulate the economy, especially with the coronavirus outbreak. phil mercer reports on how some australian families are coping. the fragile economy needs muscle. cuts to interest rates were meant to boost the spending power of consumers and rates have never been lower but many australians are nervous. when the interest rates are low, i think people do get a bit scared. what behind it? there must be something really wrong because they are so low, i'd better insulated myself against changes in
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future. i'd better put my money into the mortgage while i can. retailers in australia have dealt the pain. sales have slumped, many australians are worried about theirjobs and slow growth in wages. economists say concerns about the us china trade war, brexit and the health of the european economy are dragging australia into the slow lane. european economy are dragging australia into the slow lanelj think people are very gloomy and that's showing up on the fact that they are not prepared to spend. they are sitting on their wallets. the reserve bank themselves had actually become concerned about the messaging that these rate cuts have had on people. clearly they are giving that" be scared" message rather than here is some money for you to spend message. the signs of a slowing economy are hard to miss. this restau ra nt economy are hard to miss. this restaurant closed down a couple of weeks ago. the australian government and the reserve bank had hoped a series of interest—rate and tax cuts would have made a real difference.
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the thinking was, the more money you give people, the more money they spend but here, that hasn't happened. australia has high levels of household debt. the feeling in the suburbs is that any extra cash from rate cuts is best used to pay some of it back. i think in general, most people are erring on the side of caution is a low interest rates generally points to a deteriorating economy. personally, we are taking it as an opportunity to reduce our overall mortgage amount and things like that. the last recession he was in the early 1990s. the australian economy has a knack for being resilient and of finding its way out of trouble. phil mercer, bbc news, sydney. did you know in the last two months, two of america's largest dairy producers filed for bankruptcy including the country's guest. compared to a decade ago, the number
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of dairy farmers has dropped by 30%. a few factors are contributing. 0ne of which is if you compare it to a decade ago, the number of dairy farms is declined. this local coffee shop in brooklyn offers three kinds of milk. 0nly this local coffee shop in brooklyn offers three kinds of milk. only one offers three kinds of milk. only one of those comes from a cow. what did you just order? chaya. of those comes from a cow. what did youjust order? chaya. oatmeal. what kind of milk was to mark difficulty armoured or coconut. i use soy milk and arm and milk. of all the alternative milks, oat is the newcomer and its popularity has skyrocketed, with sales in the us surging more than 600% last year. they are pretty popular. i consider them kind of the norm at this point. actually kind of surprised when people order normal milk. an oat milk makes up a small part of the alternative milk market which in 2017 was worth almost $18 billion.
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farfrom 2017 was worth almost $18 billion. far from the 20 coffee shops of new york city, it is in america's hinterland where the effect of those changing taste preferences is being felt. rick 0steroff has been farming since he was a child. his children and grandchildren are also farmers. when i was a kid growing up, every block, every mile there was another farm and you believed it would a lwa ys farm and you believed it would always be there and a you drive around some of these back roads, they are falling down is there anymore. it is so depressing. demand for alternative milks may be on the rise but sales of cows milk has been declining for years. milk consumption in the us has plummeted 40% since 1970 and american farmers have been bearing the brunt of the decline. in the last decade, 20,000 us dairy farms have closed. with americans drinking less and less milk, the danger to us farmers is
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clear. 0n the farm, profits are being squeezed in this long—term shift in tastes, well, that could threaten the future of one of america's oldest industries. a quick look at how markets are faring in asia. the coronavirus fears affecting the sentiments of investors. japan and hong kong down. grim economic news. really playing on the minds of investors. that is it from me and the team. inks were watching. this is bbc news — the top stories this hour: leaked documents seen by the bbc have provided detailed new evidence of china's crackdown on uighur muslims in the western region of xinjiang. the us technology giant apple has warned that it won't achieve its forecast revenues
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for this financial quarter because of the coronavirus outbreak. both production and demand in china have been affected. a downing street adviser who's been widely criticised for his comments on issues including race and women in sport has resigned. andrew sabisky had only been in post for a short time. labour had called for mr sabisky to be sacked — for suggesting in the past that black people had lower average intelligence than white people. 0ur political corrspondent alex forsyth says the episode has led some to question what kind of government borisjohnson wants to run. andrew sabisky was hired as an advisor, a contractor, in number 10, and that was quickly condemned when these comments made in his name appeared. among other things that he said, compulsory contraception could be used to stop a permanent underclass, and women's sport is more comparable to the paralympics than to men's. now, after growing criticism, he tonight said he had quit that downing street role, taking twitter to say that the media hysteria about his past online comments was mad, that he had been a victim of character assassination, that this was a distraction from the work of government so he was going to go.
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but i think part of the problem here was that, earlier in the day, downing street had repeatedly refused to answer questions about this appointment, or about borisjohnson's views about the comments that andrew sabisky had made. that prompted anger, not just from labour, but from some conservative mps. 0ne saying that he was uncomfortable with some recent trends coming out of number 10. remember, this is a government that won an election with a big majority, that come in wanting to do things differently, wanting to do things in its way, and one of the prime minister's most senior aides, dominic cummings, put out an advert wanting misfits and weirdos to work in downing street, to shake out whitehall. what this shows is it doesn't matter how packed the parliamentary benches are with conservative mps, there is still some unease among them sbout some of the decisions being taken in downing street, and some question about the kind
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of government that borisjohnson wants to run. climate activists have dug up part of a lawn outside trinity college, in cambridge. members of extinction rebellion say it's in protest against the college's involvement in a major development in the suffolk countryside, which they say will be damaging to the natural habitat. a cambridgeshire police spokeswoman said the force was liaising with the college and that "a crime has been recorded for criminal damage". a trinity spokeswoman said the college "respects the right to freedom of speech and non—violent protest but draws the line at criminal damage and asked the protesters to leave". now on bbc news, sport today. hello, i'm chetan pathak and this is sport today, live from the bbc sport centre. coming up on the programme: manchester united beat chelsea to move within three points of the champions league places. after nearly eight years away, kim clijsters returns.
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we'll show you how she got on in herfirst match back: and england netballer, summer artman, tells us how having arthritis isn't holding back her sporting ambitions. we start in the english premier league, where chelsea had two goals disallowed and are now hanging onto fourth spot by theirfingernails, after being beaten by manchester united by 2—0, at stamford bridge. it moves united to within three points of chelsea. antony martial put them ahead just before half—time, with a glancing header. kurt zouma then had his equaliser disallowed, for a foul in the build up. harry maguire then doubled united's lead, having avoided a red card after appearing to kick out at batshuayi. 0livier giroud then thought he'd pulled a goal back only for his header to be ruled out by var as 0le gunnar solksjaer‘s
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