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tv   Asia Business Report  BBC News  January 20, 2017 1:30am-1:46am GMT

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in his inaugural address on friday the president—elect is expected to set out his personal vision for america's future and deliver on his campaign promises. malaysian prime minister najib razak has called on muslim countries to lead international action over the plight of myanmar‘s rohingya muslims. and this video is trending on — the first yacht has crossed the finish line in the venday globe race. the gruelling solo journey was completed in a record 7a days by frenchman armel le cleac‘h. congratulations to him. that's all from me now, stay with bbc world news. and the top story here in the uk: at the world economic forum in switzerland, theresa may tells business leaders that britain wants to forge a new role in the world after brexit. now on bbc news all the latest business news live from singapore. as donald trump gets ready to move
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into the white house we look at his plans to improve the us economy. and the latest growth figures in china will be scrutinised under worries of a potential trade war. hello and welcome to asia business report. the big day is finally here. dan norton up‘s inauguration and the many he is a controversial person to move into the white house and there is a lot of uncertainty as to how presidency will impact the economy. this was the moment democrats hoped
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would put that in check after financial crisis that led to the worst us recession since the great depression, president obama and the american people were eager to see regulations that would put limits on bad behaviour and prevent us taxpayers from ever having to bail out the banks again. but republicans have been attacking dog frank since its inception saying it has gone too far. now they are in power, scaling back some of those rules is finally in reach. bank lending has been impeded. we have practically zero interest rate yet gross domestic investment is negative or barely rising. gdp growth has not gone above 2%. part of that reason is the overregulation. although the
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incoming trump administration says it will dismantle it, what exactly that will look like is a big unknown but the hope of what is to come has banking stocks euphoric. supporters worry what could happen if they are repealed. a signature part was created by paul. the rock provisions that hopefully can take care of things without disrupting the whole market. to - the things without disrupting the whole _iiie market. to stop the next crisis. the document is often criticised as an overly complicated one size fits all
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solution. with donald trump in his way to office, those regulations may be on the way out. the question then is whether or not it leaves the us exposed to yet another financial crisis. rather unusually, us stocks fell ahead of the swearing in the remaining of donald trump. the longest losing streak since the election falling for a fifth straight day which is ironic when we saw mr trump's win in november had triggered a rally in us stocks. we we re triggered a rally in us stocks. we were looking at the key 20,000 level. what can we expect then in the next four years? spoke to economists. the economy is in fine
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shape, unemployment is that only 4.796 shape, unemployment is that only 4.7% and as janet yellen said yesterday that is close to full employment and what trump is planning to do is cut taxes and raise spending on infrastructure in particular and if he does that, he will generate quite a lot of inflation and i think bond yields will generate quite a lot of infli rise and i think bond yields will generate quite a lot of infli rise sharply as lbond yields to the back to the labour issue, jobs coming back to the us — we have had a lot of the rhetoric, particularly with the auto company changing their outlook and strategy in a way because of trump's push towards manufacturing in the us or else you face import tariffs. is this all due to trump? the us will impose a border tax adjustment and, in
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effect, will start subsidising exporters by exempting them from proper tax while ensuring that all important expenses will face attacks. this is supposed to be the equivalent of a vat. it is probably not compliant but if it does go through it will have a chilling effect on global trade it was the largest economy will be moving towards a protection is a fact. the owner of the new york jets towards a protection is a fact. the owner of the new yorkjets has been asked tojoin the owner of the new yorkjets has been asked to join the republican owner of the new yorkjets has been asked tojoin the republican party cabinet. he has been named as ambassador. paramount pictures is getting a $1 billion investment in cash from the chinese firms. paramount has been struggling to secure money. the three—year deal
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with the shanghai group gives it a footin with the shanghai group gives it a foot in the second largest box office market. china will release its economic data. vigurs attempt to come in line with the official target so we are not really expecting any huge surprises. —— data is expected to. earlier i asked an economist in hong kong about it. there are always question marks about the official markets. from an investing point of view, we do not only focus on one data series, such as gdp. in the past, government officials were rewarded in terms of our fast province could grow and with the anticorru ption our fast province could grow and with the anticorruption campaign we saw a different shift in terms of how people are rewarded. different m essa 9 es how people are rewarded. different
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messages coming out from beijing and we will see the targeted gdp number come down gradually. you hurt me talking about donald trump as the next president and concerns that that tensions will mount with china with his protectionist style. he implements savea tariffs. the global trade environment is quite fragile so trade environment is quite fragile so the world trade organisation estimated last year that trade only group1.7% estimated last year that trade only group 1.7% which is slower than gdp growth. if can't implement harsh penalties towards asian companies, the knock—on effect will be towards the knock—on effect will be towards the us consumer because the tariffs will be passed on from the company to the consumer and i doubt that is what he will want to see. the world economic foreign is often criticised
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as being a talking shop for the global elite. inequality and the backlash against globalisation have the sheer taken front stage. 0ur companies listening? capitalism is the very lifeblood of the world economic forum in davos. people who come here are very committed to the idea that we trade is the basis of future asperity so how are they responding to the message from some voters who feel that that prosperity has not been evenly spread. let's start with the us and donald trump. the fact that he won the election is not something that surprised or not surprise me but the fact that people are unsettled, not happy, wanting change, that is a very clear. but it
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is not just american change, that is a very clear. but it is notjust american voices expressing concern about the consequences of free trade. expressing concern about the consequences of free tradelj personally think we cannot stop globalisation. there is no going back, it is in their and it will continue but i think we could definitely do it in a more conscious way, ina definitely do it in a more conscious way, in a more inclusive manner and our leaders should foster more inclusive than us and try to find the middle ground. what has become clear in the last few days in doubles is that companies desperately want to hang on to the benefits of globalisation but at the same time are governments 773111735557 "7" w governments a iiifwww ww w towaréfzffifw m, f towaréfzf"? who ”7 f responsibility towards those who risk losing out. what is not yet clear is how that responsibility can ta ke clear is how that responsibility can take shape. a quick look at the markets before we go. the nick a is flat at the moment. —— nikkei. we
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have the chinese gdp numbers are out injust under 20 have the chinese gdp numbers are out in just under 20 minutes and a have the chinese gdp numbers are out injust under 20 minutes and a lot of caution setting out even so 6.7% is the expected figure. thank you for watching. i'm kasia madera. the top stories this hour: donald trump is in washington and inauguration events are underway hours before he's sworn in as us president. malaysia's prime minister calls for islamic nations to help end the persecution of myanmar‘s rohingya muslims. surrey county council is to hold a referendum on whether to increase council tax by 15%. it claims cuts in government funding
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and the crisis in social care have left it with no choice. john pienaar reports from esher. you don't get a choice about getting old, but how to pay the huge bills for care? councils pay most and one's had enough of government cuts, of paying for more with less. £170 million less since 2010. surrey‘s asking council taxpayers yes or no to a 15% increase for social care. i think it's important that politicians stand up and tell the truth and be honest with the residents, and tell them what it costs to run these services. we have to pay for these services. it's not easy finding people here who are keen to pay what will be nearly £200 a year more on an average home, hi there. good afternoon. the council want a 15% increase. so i believe i heard it on the one 0'clock news today. how about some more of that money for council for social care? certainly not.
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that's totally obscene. there's lots of money in surrey but that doesn't mean to say, you know, we're going to accept a 15% rate increase. it's not on. i think it's a very bad idea. i can't afford to pay because my pension is frozen. more council tax to pay for social care. do you fancy that? yes or no. erm. i'm up for it. i think we live in a very affluent area, i think we can all afford it, and there are lots of people around who need it more than we do. absolutely, i think that's right. clearly it's a national cost. the sign of a civilised society is one which looks after and cares for its older people responsibly. and i think it's a problem that's going to escalate over the years. it's not going to go away and we have to address it. the labour leader also agrees all taxpayers should bear the rising cost of social care. it's not right that we should thrust the social care crisis on local authorities, all of whom have different levels of income all over the country. it's essential government responsibility and the central government should face up
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to its responsibility. local voters have been asked to vote on a council tax rise just once in england in the last five years. the answer was no. time now for all the sports news in sport today hello. this is sport today, live from the bbc sport centre. coming up on this programme: andy murray is in action in the third round of the australian open. we will be looking ahead. sadio mane helps senegal to reach the quarter finals at the africa cup of nations. victory in the vendee for france
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and armel le cleac‘h. play is underway on day 5 of the australian open in melbourne and among those in action later will be the men's top seed and world number one andy murray. he's now the clear favourite to win the title, following novak djokovic's shock exit on thursday. murray plays on hisense arena against the american sam querrey and, after novak djokovic's defeat on thursday, murray doesn't want to be on the wrong end of another shock. yes, i haven't played for quite a while, it is obviously —— he is obviously a dangerous player, big serve, goes for it. he had a big win against novak djokovic in the third round not long ago.


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