tv Asia Business Report BBC News June 30, 2023 1:30am-1:45am BST
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the where revised data shows the biggest economy of the world grew much faster than previously estimated in the first three months of the air. it expanded at a 2% annualised pace, nearly double the previous estimate. last week we saw unemployment numbers decline, adding to signs of the economy's resilience. from new york, michelle fleury. ask most americans how the world's must economy is doing and they may say things are going badly but the data paints different picture. us economy grew 2% the first three months of the year, almost double initial estimates. consumers spent more, exports held up and prospects for the second quarter also look better. the housing market focus on recovery and subsidies for semiconductor and electric car parts gideon. the challenge for american central bank is keeping inflation trending down. data due out later on friday from us economist
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department is likely to confirm prices are calling. but with inflation still stubbornly high, policy makers here as in many other developed economies aren't done raising interest rates. michelle fleury reporting. let's quickly show you how markets reacted. investors hope there may be a chance the us economy could avoid falling into a recession so we saw a bit of a rally in all the main indices. let's show you how japan's all the main indices. let's show you howjapan�*s nikkei has started, down by almost i%, profit—taking also happening as well. in other news, sporting goods giant nikkei has reported its latest earnings for the fourth quarter and revenue coming in at $12.8 billion. that's slightly higher than expected and it also means they have been revenue estimates for seven street orders, with sales jumping in both its modest market, north america, and in
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china following the easing of covid—19 restrictions. going to china were on about how authorities are expected to release the data start up on the country's factory activity. it fell to a five—month low inmate marking the second straight month of construction. the economy engine has been showing signs of slowing after the post covid rebound we saw in the beginning of the year. earlier i spoke with katrina who told me what the expectations are.- who told me what the expectations are. we expect that the chinese _ expectations are. we expect i that the chinese manufacturing pmi will come in at 49 injune, the remaining below the neutral threshold. one key driver that is keeping the manufacturing pmi week and more broadly the chinese manufacturing and gene week is a new export orders are struggling. we see weakness materialised in those important markets like europe and the us which is temporary the expected
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rebound in manufacturing that we would have thought would come back with more exuberance in that post zero covid world. indeed, we've been seeing with economic data but we heard from the premier at the start of the world economic forum saying he expects the economy to do better in the second quarter than the first quarter. he did not exactly explain why. than the first quarter. he did not exactly explain why. do than the first quarter. he did not exactly explain why. do you a . ree not exactly explain why. do you agree our— not exactly explain why. do you agree our expectation - not exactly explain why. do you agree our expectation is - not exactly explain why. do you agree our expectation is the - agree our expectation is the chinese domestic economic recovery will pick up over the course of the remainder of the year and into 202a. what is driving that is expectations of ongoing targeted stimulus being released at a local level stop we've seen local monetary stimulus being released, expectation is will see more fiscal stimulus which will really help and if we look at the domestic economy we are seeing households are gradually getting out there and spending a bit more. we expect that momentum together over the course of this year and into next. ~ . . ,
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next. what about unemployment? es - eciall next. what about unemployment? especially among _ next. what about unemployment? especially among youth, _ especially among youth, lightest data shows one does not have a job and it seems to be a sensitive topic with beijing's censoring financial bloggers talking about it. how bad is the situation and could that get better?— that get better? definitely, that's a huge _ that get better? definitely, that's a huge concern - that get better? definitely, that's a huge concern that l that get better? definitely, | that's a huge concern that a stubbornly elevated youth unemployment. so we need to see really effective, targeted government policies that help the youth of china get into employment because if they don't we will see ongoing problems or perhaps worse in terms of social cohesion and that also means that productivity growth that we would have expected from china won't materialise either, so it's a huge problem that definitely deserves policy maker focus continually going forward. ~ . ., , , forward. when china releases the latest _ forward. when china releases the latest manufacturing - forward. when china releases the latest manufacturing data we will bring bring you it live here on asia business report
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with analysis. stay tuned for that. that's a soft economic data that's been heading chinese currency. the bodingly took action has a currency for the first time in almost eight months. the value of the chinese yuan is tightly controlled by the government but it's also not the only country in asia that sees its currency slide. the japanese yen is also weakening and earlier i spoke with an author focused on asian economies have explained if tokyo might intervene. i explained if tokyo might intervene.— explained if tokyo might intervene. . , , , intervene. i am surprised the so; intervene. i am surprised the 30] has intervene. i am surprised the boj has been _ intervene. i am surprised the 30] has been quiet _ intervene. i am surprised the 30] has been quiet of - intervene. i am surprised the 30] has been quiet of late i intervene. i am surprised the| 30] has been quiet of late and boj has been quiet of late and very tolerant of the weaker yen. there are great expectations now that we'll see intervention in the days ahead and one reason why you have not said intervention is because the bank ofjapan is worried it would fail and if that fails, and the yen does not stabilise, that might be a signal to markets to push the yen even lower. in many ways the boj
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governor is a fairly new and stay at the boj, only been around since april. i think he is looking around to figure out different options to stabilise the migratory without intervening, but intervention seems to be in the cards relatively soon.- seems to be in the cards relatively soon. indeed, in the ast it relatively soon. indeed, in the past it cost — relatively soon. indeed, in the past it cost a _ relatively soon. indeed, in the past it cost a lot _ relatively soon. indeed, in the past it cost a lot of _ relatively soon. indeed, in the past it cost a lot of money - relatively soon. indeed, in the past it cost a lot of money but j past it cost a lot of money but hasn't really worked. meanwhile in china the yuan level is set by the people's of china. do you expect further intervention by the authorities —— people's back. by the authorities -- people's back. ~ , ., . _ ., by the authorities -- people's back. ~ . _ ., , back. when you currency that is done about _ back. when you currency that is done about 596, _ back. when you currency that is done about 5%, half— back. when you currency that is done about 596, half of - back. when you currency that is done about 596, half of the - done about 5%, half of the japanese yen, simply forjapan and china, the idea that these currencies and exchange rates are weakening, is a help at the mitre because the chinese economy is already spluttering, the japanese economy is underperformance of anything that gives these economies a bit of support by the exchange rate is a good thing. the
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problem is the economic side effects of these kinds of things, inflation is rising, so we could currency means more important information to basically energy markets and food markets. then there is geopolitics. if the yen and yuan grindr lower, when does the us, why does the g7 step up to say stop this trend? when did politics begin to intervene into this trend, if you will, before authorities of other nations do?— before authorities of other nations do? william pesek speaking _ nations do? william pesek speaking earlier. - nations do? william pesek speaking earlier. the - nations do? william pesek| speaking earlier. the game developer behind pokemon go speaking earlier. the game developer behind pokemon g0 is laying off 200 employees to reorganise. that's a quarter of the workforce. the chief executive said the company is narrowing its gaming and investment focus. they watched the first major hit back in 2016. the majority of companies in the us, europe and uk say
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they're finding it tough to hire enough skilled workers. one solution suggests that by the british chamber of commerce is employers should look at underrepresented groups. my colleague asked one sadistic analyst on what advice he gave to those looking for work. we have to to those looking for work. - have to remember that a lot of people come into the workforce or attempt to get into the workforce carrying with them from earlier in life. what advice is that if you suspect you have autism, get a formal diagnosis. then you know and you will have the law on your side when you apply for work. be persistent. it's too easy to give up. i've seen too many
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autistic people giving up and it is very depressing because the failure hurt but be persistent and accept it. every failure is a learning opportunity and ask for help. i have noticed that there are people that are prepared to take advantage of us, that is all too true, but there are very many kind people that are able and willing, some are quite eager to help, and perhaps do yourself, that's a very difficult to ask of an autistic person, it is very difficult to allow yourself, but at least don't try to be someone who you are not. it is called masking, which is very common among autistic people. the simplest advice is do your
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best. that's all anyone can ask of you. best. that's all anyone can ask of ou. �* , best. that's all anyone can ask of ou. a ., ., best. that's all anyone can ask of ou. a ., of you. as long as you do your best. of you. as long as you do your best- more — of you. as long as you do your best. more information - of you. as long as you do your best. more information about| best. more information about your divergent conditions like autism and adhd, find more information about this on the website on your screen. that's it for this edition of asia business report. thank you so much for watching. i actually thought at the time i must be dying or something, because i couldn't breathe, i had lights in my eyes, i thought i was going to pass out. i was brought up to the doctors and i was like, "i need "some help, i don't know what is going on." andrew had no idea he was suffering from anxiety and panic attacks while working hard running his construction company. i had ignored it for so long, so that's where i ignored it for about a year because i didn't know that i needed it, i didn't think i needed any help. the gp dealt with the physical symptoms but andrew was finally able to talk
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when he met kerry from the charity mind, who he is now working with to encourage his staff to be more open about their mental health. gareth twohey has worked in the construction industry for decades and says there is what he calls a lads culture, where men don't feel comfortable talking about their mental health. we want to build infrastructure, we want to build the building, get thejob done, work in the rain and snow, tough it out and suck it up. and there is a stigma in the industry that admitting mental health problem might affect theirjob. momentum is building towards a change in the industry that many feel has been quiet on mental health for too long. voiceover: for more stories from across the uk, head - to the bbc news website. iam i am julia with the catch up.
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an unlawful scheme, wimbledon controversy and the of the ticket to space stop. we start in france we might affinity the protests like this in the last few days. they started after 17 rob was shot and killed by french police in paris. the ten nahel refused to stop after being pulled over. today a big march has happened in paris led by his mother. protesters call for change to police culture. translation: in for change to police culture. translation:— for change to police culture. translation: ,., . translation: in the same police there is racism _ translation: in the same police there is racism and _ translation: in the same police there is racism and we _ there is racism and we absolutely have to fight out. as long of these questions are not laid out on the table are not laid out on the table are not taken seriously, of course it will not go well in working—class neighbourhoods. other stories now. the governments campus at asylum seekers to rwanda has been ruled unlawful by the court of appeal. the government plan was to try to put people off from crossing the channel in small boats but two of the three judges said rwanda is not safe enough. in sport andy murray
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has criticised an official wimbledon poster who said the image of past and present rates was strange. it shows 15 players but four of the six women are at the back including the williams sisters who won 12 wimbledon singles titles between them. we live within seconds of space tourism. virgin galactic has launched its first commercial space flight going about 50 miles above the surface of the earth with three passengers on board. each them brought the ticket for 450,000 us dollars. all caught up. see you.
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this hello and welcome to sports day. here are the this hello and welcome to sports day. here are the headlines tonight. england headlines tonight. england criticised given further —— away wickets in the second ashes test at lords. can the manx missile take the outright record for the most tour de france stage wins? and the girl on the dancing horses now a mother. and charlotte to jardin is still winning.
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