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tv   Asia Business Report  BBC News  July 6, 2023 1:30am-1:45am BST

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the us treasury secretary heads to beijing, the second cabinet amber to visit the chinese capital in two months. and facebook�*s owner matter launches its latest app, one thatis launches its latest app, one that is being seen as a huge rival to twitter copy —— meta. hi there, welcome to asia business report, with me, mariko oi. janet yellen is expect to arrive shortly in the chinese capital and she is the second high—level us cabinet member to do so after secretary of state antony blinken�*s visit just a couple of weeks ago. her trip also comes after beijing moved to limit the exports of certain rare earths just days ago. monica miller has more.
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this is the first time a us treasury secretary has visited china since the covid pandemic and this is the environment they find themselves in. for example, trade restrictions. one point of contention is over rare earth metals, essential components to make semiconductor those which are used in everything from smart phones to military equipment. earlier this week beijing said it will require a special license to obtain two metals predominantly mined in china stopping this move has seen a retaliation against export bands put in place by the united states of critical technology needed for artificial intelligence and quantum computing. both sides argue that these bands are neededin argue that these bands are needed in the interest of national security. another issueis national security. another issue is the weakening yuan. china's currency has lost nearly 5% of its value against the us dollar over the past year which makes chinese exports more competitive on the global market. the us has been keeping a close eye on
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beating's handling of its currency however china says the reason it is so low is because of the us federal reserve raising interest rates. janet yellen says she will bring up china's role in meaningful debt relief for countries facing problems. in the past she is noted that delays are restructuring these debts as both ad for the borrowers as well as the creditors. what these two countries do have in common is they face headwinds from a slowing global economy. going into these discussions, expectations are rather low that any big announcements will be made coming out of this trip but what janet yellen has said as she hopes to re—establish communication with her chinese counterparts to have a more substantial discussion moving forward. monica miller reporting there and earlier a spoke to a harvard economic professor who explained what we can expect. i professor who explained what we can “pect— can expect. i think she really wants as _ can expect. i think she really wants as she _ can expect. i think she really wants as she said _ can expect. i think she really wants as she said to - can expect. i think she really wants as she said to get - wants as she said to get communications open. we are trading a lot with china, china depends on the us, us depends
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on china but at the same time, security and geopolitical interests are coming into conflict. i would say it is a little bit like good cop bad cop, antony blinken being the bad cop and nowjanet cop, antony blinken being the bad cop and now janet yellen going in as the good cop trying to say look, we have a lot in common, let's see what we can do together, but back home in the united states, both the democrats and the republicans are bashing on china, trump put in tariffs on hundreds of billions of chinese goods and president biden, who has reversed every trump policy he can, has kept that one. but desite can, has kept that one. but despite those _ can, has kept that one. but despite those calling tensions, the trade between the two have actually been growing but of course just ahead of her visit, beijing announcing those export controls on rare metals, also introducing some new laws on foreign relations and counterespionage and so on. is beijing playing hardball or beijing playing hard ball or could beijing playing hardball or could these moves actually backfire? i
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could these moves actually backfire?— could these moves actually backfire? ~ �* , , backfire? i think bei'ing sees themselves h backfire? i think bei'ing sees themselves as _ backfire? i think beijing sees themselves as countering - backfire? i think beijing sees l themselves as countering what themselves as countering what the us is doing, putting on export controls on things as listeners just heard, export controls on things as listenersjust heard, on listeners just heard, on quantum listenersjust heard, on quantum computing, artificial intelligence, areas where the us has the cutting edge and doesn't want beijing to catch up doesn't want beijing to catch up on the us says no, we're just doing that for security, not a competitive advantage and beijing is saying same thing. there are absolutely growing tensions here. there were before ukraine and since ukraine it's no doubt it has gotten a lot worse. m5 ukraine it's no doubt it has gotten a lot worse. ms yellen's china is not _ gotten a lot worse. ms yellen's china is not the _ gotten a lot worse. ms yellen's china is not the only _ gotten a lot worse. ms yellen's china is not the only story - china is not the only story making the news there because shanghai will also be hosting the world artificial intelligence conference today. american companies like microsoft and amazon are also expected to take part. earlier a spoke to a guest to address concerns about misinformation. yes, i think so. they will be focusing on different aspects of the development of language
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models, i think there will be a focus on the ethical issues of these technologies, and also these technologies, and also the societal impact that you just mentioned. i think right now, the industry is very excited about the success of chatgpt like technology. apologies for that, speaking of artificial intelligence, two authors have filed a lawsuit against a research lab behind chatgpt. they allege the copyrighted books were used to train the chat but without their consent. they were sued in a class—action lawsuit for allegedly stealing private information from online users. the boss of energy giant shell says a cutting—edge oil and gas production will be dangerous especially when international demand risks exceeding current
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supply. he made those comments to the bbc�*s business editor simon jack. to the bbc's business editor simon jack-— simon jack. important to recognise. _ simon jack. important to recognise, last _ simon jack. important to recognise, last winter i simon jack. important to recognise, last winter a l simon jack. important to l recognise, last winter a lot simon jack. important to - recognise, last winter a lot of the reprieve came from what was a warm winter and two, china's demand was not as high as it traditionally had been which allowed a lot of the liquefied natural gas to actually be shipped over to europe. one cannot depend on that as a energy policy going into the coming winters, and therefore there is a concern that if we have a cold winter and energy demand in many other locations including china goes back up, then there will be a strain on resources coming here. and then there will be a strain on resources coming here. and what we mean by _ resources coming here. and what we mean by that? _ resources coming here. and what we mean by that? we _ resources coming here. and what we mean by that? we are - resources coming here. and what we mean by that? we are seeing| we mean by that? we are seeing prices double, triple, will we get back to the spikes we saw in the summer of last year? i really hope not, but the tightness in the broader market both for oil and gas means that small shifts can have magnified affect. if i canjust small shifts can have magnified affect. if i can just bring
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that to life, last year, the overall energy production that was taken out because of the russian invasion was i% of global energy supply. i%. that is what created the massive all agility of last year. and so if you get a similar i%, 2%, 3% you geta similari%, 2%, 3% take you get a similar i%, 2%, 3% take out of that production, then who knows how massive that all agility can be. it then who knows how massive that all agility can be.— all agility can be. it sounds like ou all agility can be. it sounds like you are _ all agility can be. it sounds like you are saying - all agility can be. it sounds like you are saying we - all agility can be. it sounds| like you are saying we need all agility can be. it sounds i like you are saying we need to be realistic about how dependent we still are on oil and gas. you are going to keep investing to keep that supply coming, that sounds some people like despair when it comes to the climate. i like despair when it comes to the climate.— the climate. i really hope not to be my _ the climate. i really hope not to be my message _ the climate. i really hope not to be my message would - the climate. i really hope not to be my message would be| the climate. i really hope not i to be my message would be the world has made a lot of progress over recent years. but we still have a mountain to climb to be able to get to where we need to get to. we are committed to the energy transition. but we're going to do it and we have tertiary duty of care to our shareholders to skewered their capital in the best way possible. that continues to mean that a portion of it is going to go to
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oil and gas, a significant portion as you rightly say and at the same time we will incrementally increase our renewable spend as and when those valuables emerge. facebook�*s parent company meta has just launched facebook�*s parent company meta hasjust launched its facebook�*s parent company meta has just launched its latest app. threads has been described as a textbased conversation app and is seen as a major rival to twitter but its release in europe has been delayed over regulatory concerns. well the 3pp regulatory concerns. well the app has just dropped and regulatory concerns. well the app hasjust dropped and i can tell you it looks an awful lot like twitter and that's because mark zuckerberg absolutely wants this to compete directly with twitter. is mark zuckerberg against elon musk. what does it look and feel like with mac there is a maximum character limit of 500, you can share posts with your friends, in a very similar way to twitter, all accounts will start of private and then you can make them public, and in theory this isn't available now but the hope is from meta that this will be interoperable with other platforms like blue sky
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and mustered on. i think the crucial thing here and this is why i am excited about this as this is not a random player, this is not a random player, this is not a random player, this is meta doing this, they have a lot of experience of copying other apps very successfully, reels which is a copy of tiktok, stories which is a copy of snapchat and this at will have access to hundreds and millions of instagram accounts. it is not starting from zero. so this has a very, very good chance of succeeding, some people are calling it a twitter killer. it will also hoover up lots of data so it is worth just saying that in a way that some other apps don't. this is a really, really significant moment in terms of twitter. a very perilous moment i would say for elon musk�*s new twitter. just one more thing to say about this, it won't be available in the eu because of the digital market act that has recently come into force. meta
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is worried about getting sued because it will be transferring data from threads to instagram and vice—versa. still lots to unpack, very difficult to know how successful this will be but a real moment here in san francisco. and before we go let's quickly check how japan's market is doing, down byjust over i.3%, market is doing, down byjust overi.3%, below market is doing, down byjust over i.3%, below that 33,000 mark that i have been telling you about, it was the highest level in 33 years on monday after very strong economic data but a bit of profit—taking happening, but also they are taking their cue from wall street, let's show you how they ended. all the main indices flat to lower and of course a lot of investors watching closely about what the fed said about rate hikes but also the economy's resilience. that is it for the programme, thank you so much for watching.
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bringing you different stories from across the uk. they are society's places of punishment and rehabilitation but one mp has described our presence is a ticking time bomb. the daily pressures prison officers say creating a descending spiral that sees staff numbers falling and the sword arising.- and the sword arising. prison officers have _ and the sword arising. prison officers have been _ and the sword arising. prison officers have been slashed i and the sword arising. prison | officers have been slashed up and down the country. threatened almost on a daily basis. , ., , ., _ basis. figures obtained by the bbc show _ basis. figures obtained by the bbc show that _ basis. figures obtained by the bbc show that in _ basis. figures obtained by the bbc show that in england - basis. figures obtained by the bbc show that in england and | bbc show that in england and wales over a five year period the number of staff taking days off for mental health reasons rose from 1456— 2879. in the southeast of the rise in the same period was sharper still from 137 — 309. tom hill was in the prison service for 32 years. he says austerity cuts saw swathes of experienced
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staff leave the service and the impact was clear.— staff leave the service and the impact was clear. when i “oined the 'ob impact was clear. when i “oined the “0b in impact was clear. when i “oined thejobinthefi impact was clear. when i “oined the job in the 80s, * impact was clear. when i “oined the job in the 80s, if k impact was clear. when i “oined the job in the 80s, if you b impact was clear. when i joined the job in the 80s, if you had i the job in the 80s, if you had an alarm go a0 or 50 officers would run to it. when they left the job you'd be lucky if a handful were turning up in that handful were turning up in that handful that unfortunately did turn up, a lot of them didn't know what to do.— turn up, a lot of them didn't know what to do. the prison reform trust _ know what to do. the prison reform trust says _ know what to do. the prison reform trust says prisons i know what to do. the prison | reform trust says prisons are too full and lower staff ratios increase both problems and pressure. for more stories from across the uk head to the bbc news website. hello, i'm here with the catch up. concerns over rail ticket office cuts, and forest green making football history. but first, happy birthday to the nhs stop in the uk's free point of use healthcare system turns 75 today. there have been celebrations across the country. this was in my home region of merseyside. against
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the backdrop of long waiting lists, the effects of the covid pandemic and falling staff morale are steady from the government's state office says more than half of people are satisfied with the healthcare system. some are concerned it won't reach its 100th birthday without reforms in spending to attack at the ageing population's healthcare needs. some other stories now. train companies want to close hundreds of ticket offices across england over the next three years. the busiest stations but being criticised by disabled people who say it is going to be harder to get the help they need to travel. sex education should be compulsory, they want teacher training to tackle distorted ideas of masculinity, sexual harassment and gender violence. and forest green made history after naming the first woman to manage a uk's men's
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professional football team. hannah denly is the new caretaker boss. time now to leave you with ten seconds of fireworks stopping these spectacular sparklers were used at the us independence day celebrations in washington, dc. the us capitol. you are all caught up, goodbye for now.
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the us capitol. you are all caught up, alive. —— or now. the us capitol. you are all caught up, alive. —— iga|ow. their hopes alive. —— iga swiatek.

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