tv Asia Business Report BBC News June 8, 2023 1:30am-1:45am BST
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japan releases its latest growth figures and expectations are high that the economy is likely to grow more than expected. and we take a bite out of lab grown meat. over two years on we check out what is the appetite for soft alternative proteins. hi there, welcome to asia business report, with me, mariko oi. japan has just released japan hasjust released its figures in the economy grew by 2% which is much, much higher than the estimate of 1.5% and much stronger than what analysts had been expecting as well. growth was due to... the
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optimism is reflected in the stock markets as well. this is how the nikkei has started trading. it has been at 833 year high so we see a bit of profit—taking. —— a 33%. the last quarter outperforming any major global indices as well. let's begin nobuko kobayashi joining us from kyoto. thank you forjoining us on the programme again. what did you make of this much stronger than expected gdp figures? yes. make of this much stronger than expected gdp figures?— expected gdp figures? yes, it beat expectation _ expected gdp figures? yes, it beat expectation by _ expected gdp figures? yes, it beat expectation by one - expected gdp figures? yes, it beat expectation by one point| beat expectation by one point which is quite phenomenal. if you peel down, break down the different, the surprise comes especially from the investment in private sector. the personal consumption was in line with expectations but particularly on the business side, it was a positive surprise. i
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on the business side, it was a positive surprise.— positive surprise. i want to ask about _ positive surprise. i want to ask about consumer - positive surprise. i want to i ask about consumer spending because we have been talking about how japan has never really had inflation for many decades and now, having one, albeit much lower compared to other parts of the world, and yet wages have not been growing as much as expected, so why is consumer sentiment quite strong? consumer sentiment quite stronu? ., , , strong? consumer sentiment, i think, temporarily _ strong? consumer sentiment, i think, temporarily anyway, - strong? consumer sentiment, i think, temporarily anyway, is i think, temporarily anyway, is affected positively by the end of covid era injapan. of course covid is still with us but a lot of restrictions have been dropped and people are feeling a sense of normalcy again. again laterjapan compared to other pens. ——it came later injapan. compared to other areas. came later in japan. compared to other areas.— to other areas. tourism spots have been — to other areas. tourism spots have been quite _ to other areas. tourism spots have been quite high? - to other areas. tourism spotsl have been quite high? exactly,
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it is full of— have been quite high? exactly, it is full of tourists, _ have been quite high? exactly, it is full of tourists, and - it is full of tourists, and japanese tourists as well. i japanese tourists as well. i want to ask about the stock market. we saw a bit of a dip yesterday but it has been trading at a 33 year high. is it about the economy or something else?- something else? well, structurally _ something else? well, structurally speaking i something else? well, - structurally speaking there is an expectation that japan may be getting out of the deflationary title. annual gdp pushes up the nominal gdp to a record high. so this correlates favourably to the nikkei price average and secondly, the corporate earnings are higher than ever in three decades. and thirdly, the geopolitical uncertainties around the world make japan a relatively stable
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and safe destination. d0 make japan a relatively stable and safe destination.- and safe destination. do you auree and safe destination. do you agree that — and safe destination. do you agree that maybe _ and safe destination. do you agree that maybe japan's . agree that maybe japan's economy is finally on the mend? i thinkjapan has been it may be under valued, overlooked in some respects, so there is an adjustment to re—evaluate its worth which i think is fair. nobuko kobayashi thank you so much forjoining us on the programme. now, while's are just as based company has been accused of stealing and misusing information by a small family run company in the united states. a small colorado company is accusing boeing of engaging in fraud and a subsequent cover—up over the past two decades to generate company profits. boeing has responded, saying this lawsuit is rife with inaccuracies and emissions.
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"we will vigorously defend against this in court." so what is this case about? well, wilson aerospace says it was hired by boeing between 2014 and 2016 to help it safely attach engines to the space launch system. that is the rocket that will be used by nasa to return humans to the moon. but according to the complaint filed in seattle by the family run tools company, boeing terminated the contract and produced versions of its intellectual property they were not only flawed but created safety risks that put the lives of astronauts at risk. david wilson, president and founder of wilson aerospace described boeing's actions is beyond despicable. he is seeking damages from boeing for use of its trade secrets. in india, the country central bank is expected to downgrade its decision. inflation has started to slide which might give authority some room to
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move. india's central bank started its three day meeting to deliver on monetary policy on tuesdays expected to make its announcement on thursday. experts are anticipating the rbi is likely to keep it at five points 6% and the main reason is inflation has been showing sides of cooling down. this has been a concern for a long time. inflation figures have been on the high side for a while. since may last year, lending rates have been hiked to keep inflation in check but that has now slowly cool down and in fact in the month of march, inflation figures were around five and 7% and at the moment inflation figures around 4.6 - 516%. it has moment inflation figures around 4.6 — 516%. it has always been a tight work to ensure growth does not suffer. —— 5—.1%. in a
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projected feed to be around 7% so it is on the high outside. --it so it is on the high outside. ——it was projected to be. it is one of the fastest economies in the world. when singapore became the first country to authorise the sale of lab grown meat, hungry investors wanted to see it be ethical and clean. $3 billion was pumped into the industry but to .5 years later, progress seems to have stalled. nick marsh has more. it is lunchtime in singapore but how about this? chicken, not from a farm, but grown in a lab. it has been approved for sale in singapore for nearly three years now but this is still the only restaurant in the city and therefore end of the world
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where customers can order it. it is made by good beats, part of a california based start—up. they approached this bistro and butchery earlier this year. i have got to many abattoirs and farms and see the overtaxing of resources, i have seen the animals being killed so if there is a more humane way of doing it and to lessen the burden on our earth resources, i am happy to try it. find burden on our earth resources, i am happy to try it.— i am happy to try it. and so are his customers. - i am happy to try it. and so are his customers. it - i am happy to try it. and so are his customers. it is - i am happy to try it. and so i are his customers. it is meat. it is perfect- _ are his customers. it is meat. it is perfect. there _ are his customers. it is meat. it is perfect. there you - are his customers. it is meat. it is perfect. there you go. i it is perfect. there you go. naturally _ it is perfect. there you go. naturally i _ it is perfect. there you go. naturally i had _ it is perfect. there you go. naturally i had to - it is perfect. there you go. naturally i had to try - it is perfect. there you go. naturally i had to try some it is perfect. there you go. i naturally i had to try some as well, of course. the moment of truth. it smells like fried chicken. yes, it tastes like fried chicken. a bit processed, may be, but you would never know where this came from. this in fact is where it comes from,
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the process involves extracting cells from the animal, feeding them with nutrients and then fermenting them in a bioreactor like this. it is a sleek but ultimately costly operation and it is also very energy intensive and there are plenty of scientists who question its viability. of scientists who question its viabili . ., ., ., ., viability. can you do that at scale and — viability. can you do that at scale and reasonable - viability. can you do that at scale and reasonable cost? j viability. can you do that at - scale and reasonable cost? the answer is no. can you talk about saving the world with this? the answer is no because investments are huge. do i have an honest story here? you look in the mirrorand an honest story here? you look in the mirror and if you don't, do something else. at in the mirror and if you don't, do something else.— do something else. at the moment _ do something else. at the moment it _ do something else. at the moment it is _ do something else. at the moment it is just - do something else. at the l moment it isjust producing do something else. at the i moment it isjust producing a moment it is just producing a couple of kilos a week in singapore and you compare that to the 4000 kg of conventional kitchen sold here at the restaurant alone, you get a sense of the scale of the task. this is a lifetime project, may
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be a multiple lifetime project but to do something like that, you have to start somewhere and we are starting here. itla we are starting here. no animals _ we are starting here. no animals were _ we are starting here. no animals were harmed in the making of this lunch. scientifically that in itself is a minor miracle and the industry is urging for patients but given the billions being ported by investors, soon are going to want to see this is more thanjust a going to want to see this is more than just a novelty. —— being poured in. if you have more appetite for alternative meat, you can also read all about it on our website. before we go, let's quickly show you how the nikkei is doing. it is still flat to hire after that very strong growth figure coming in at 2.7% for the first three months of this year. that is it for the show, thank you so much for watching.
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bbc news, bringing you different stories from across the uk. the signs of summer are everywhere. it the uk. the signs of summer are everywhere-— everywhere. # it is beginning to look a lot _ everywhere. # it is beginning to look a lot like _ everywhere. # it is beginning to look a lot like christmas i to look a lot like christmas at... , , to look a lot like christmas at, _ _ ,, ., , , , to look a lot like christmas at... , , , ., at... so why is there still a christmas _ at... so why is there still a christmas tree _ at... so why is there still a christmas tree in - at... so why is there still a christmas tree in beverly? j at... so why is there still a l christmas tree in beverly? it christmas tree in beverly? it was due to come down in early january. this is the first time that this bad actually decided to nest in the tree. —— bird. that did cause us quite a few complications which we are still living with at the moment.— still living with at the moment. . ., . , , moment. the council put up sins moment. the council put up signs after— moment. the council put up signs after comments i moment. the council put up signs after comments were | moment. the council put up i signs after comments were made about the state of the tree and not everyone has a sympathy for the wood pigeon that has made
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it home. , it home. the thing is the tree is d in: it home. the thing is the tree is dying so — it home. the thing is the tree is dying so my _ it home. the thing is the tree is dying so my inclination i it home. the thing is the tree is dying so my inclination is i is dying so my inclination is to be taken away.— is dying so my inclination is to be taken away. yes, but the ension to be taken away. yes, but the pension has — to be taken away. yes, but the pension has squatters - to be taken away. yes, but the pension has squatters rights. i pension has squatters rights. we have put it there and it is protected while it has got that nest and it is on that nest. for more stories from across the uk, head to the bbc news website. hey, i'm zof with the catch up. tonight — day two in court for prince harry, glasto advice on disposable vapes and a furry passenger. doctors in england may start offering weight loss jabs to some patients to help reduce obesity—related illnesses. some are calling them skinnyjabs, they're widely used in the us and backed by many celebs — but it's important to understand they aren't a quick fix for a replacement for a healthy lifestyle.
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sarah spoke to us, as she thinks this is an exciting development. making sure that people are getting the right support with the medication is still going to be really crucial, but if we can make it so that more people can get access, then that's a huge step in the right direction and something that's really exciting. some other stories for you now — day two in court for prince harry and his case against the daily mirror, who he has accused of hacking his phone to uncover stories. he said he once found a tracking device on his ex—girlfriend's car. the mirror said they got the stories from legitimate sources, though. and millions of people in north america are facing dangerous air quality levels as wildfires burn across canada. officials say it's shaping up for its worst wildfire season on record. export experts say it's a warmer and drier spring than normal. yesterday, we spoke about calls to ban disposable vaping. today, glastonbury has advised people not to bring disposable vapes to the festival this year due to what they call "environmental
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