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tv   Asia Business Report  BBC News  June 23, 2017 1:30am-1:46am BST

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is bbc news. our top story: a new offensive to take back raqqa from the so—called islamic state is under way. us—backed fighters of the syrian democratic forces are pushing ahead into the city, the last remaining strong—hold of is which the group has claimed as the centre of their caliphate. thousands have attended the funeral for american student, otto warmbier, who was held for 15 months in a north korean prison. he was returned to the us in a coma and died just days later. and this story is trending on bbc.com: prince harry has suggested that none of his family wants to be a future king or queen. in an interview with the american magazine, newsweek, he said the royals were acting for "the greater good of the people." and that is all from me for now. stay with bbc news. and the top story here in the uk: theresa may, has presented her plans to ensure the rights of eu citizens in britain after it leaves the eu. mrs may said they would be given a new immigration status referred to as "settled eu."
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now on bbc news, all the latest business news live from singapore. status check. the banking regulator in china wants a report card on overseas acquisitions. kazakhstan is strapping in for what could be a fast ride on china's one belt, one road expansion. good morning, asia. hello, world. welcome to another edition of asia business report. it's a friday. i'm sharanjit leyl. china's banking regulator has ordered a group of lenders to assess the exposure to offshore acquisitions by a handful of companies on a buy spree overseas. they are some of china's largest,
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like hna and fulson. i spoke to our shanghai correspondent asking why authorities are so worried. there are two elements to this. they see the acquisitions, a vast 235 billion us dollars last year, they see it as giving a risk to the currency. they don't want that level of capital out of there. and they are worried about big chinese conglomerates raising money in this country. there is a big worry about debt overall in china. wealth management products, retail vehicles, high risk, china. wealth management products, retailvehicles, high risk, high interest—bearing, it is a concern among much of the authority base here about the risk they pose to not just the companies using them, but more widely to be financial system in china. this is notjust about
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economics and the financial sector, it is also about politics. this is a very important year for the president of china, xi jinping. very important year for the president of china, xijinping. in october this year at the conference, he will almost definitely be chosen for another five years. at the very top, we are seeing a message out to the most influential and prominent economic leaders that they need to be risk averse and reminded of who is in charge overall. will this put an end to the chinese companies and theirforeign buying an end to the chinese companies and their foreign buying spree, an end to the chinese companies and theirforeign buying spree, paying eye—wateringly high prices for foreign assets? the tide has turned already. for instance, delian, controlled by the richest man in china, he owns legendary pictures in the us along with an attempt to get dick clark productions, which did
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not happen in the end. the tide is turning. much of that is trying to stem the capital outflows and it is about the pressure on the currency, the rnb, as well. and there is money flooding out to hong kong. we are seeing the tide turning. we are not seeing the tide turning. we are not seeing levels last year and this year repeating again. the chief executive of fox com says the company will invest more than 10 million us dollars in a display making factory in the united states. the taiwan —based company is the largest contract electronics maker and a major supplier for apple. largest contract electronics maker and a major supplierfor apple. he says he is optimistic about doing business in the us. translation: this time when we go to america it is not just to this time when we go to america it is notjust to build a factory, but to move the entire supply chain to one oil prices have had a volatile
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ride this week. we can see they are up ride this week. we can see they are up slightly in asian trade. they bounced back yesterday ever so slightly after hitting ten month lows. the market sentiment remains negative because oil producing countries refused deeper cuts despite a global supply glut. peaking at $57 a barrel in february, prices are at about 20% lower. i spoke with an energy expert earlier asking which way prices will go next? there will be continued pressure on markets, with too much oi’ pressure on markets, with too much or little out there and too much oil from the states. and libya and nigeria are exempt from opec accords, which is putting even more pressure to be more barrels are going into it. industries are not
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going into it. industries are not going down. these are the kind of things that make it challenging for this new cartel of opec, non—opec, to reach objectives. they want to reach a five—year average of global inventory is. the consensus is we will be lure for a while and market rebalancing will take a while. —— lower. where are we headed next? at the end of may, after the opec meeting, you asked me that same question, and i certainly will not reach 55, the us speed limit. i see a massive correction. i think we will test a0. that could be the wakeup will test a0. that could be the wa keup call. everyone will test a0. that could be the wakeup call. everyone is trying to call the bottom, point do we hit the threshold and bounce back? the head of the world's largest defence contractor says big—ticket products will remain relevant despite security challenges. a persistent
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criticism of large contractors is military hardware does not do much to addressing increasingly common low—tech threats. but they say there is plenty of demand for the products. there is a broad range of threats in the marketplace, from the low and, as you just described, to the high end. —— end. we focus on the high end. —— end. we focus on the need to high end. . —— mid to high. wejust the need to high end. . —— mid to high. we just got a $600 the need to high end. . —— mid to high. wejust got a $600 million contract high. wejust got a $600 million co ntra ct to high. wejust got a $600 million contract to supply to the netherlands, to australia, japan, and korea. again, that is to address the high—end threat that they see a need for a capability to defeat. china's belt and road initiative is ploughing through central asia into europe. as part of that global initiative, china has supplied
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billions of dollars' worth of trade, infrastructure, and energy deals in the 6—iron. they want to bring growth and jobs to the oil—rich nation. —— kazakhstan. they also wa nt to nation. —— kazakhstan. they also want to help china's energy needs. we went to the economic capital of china to see the impact on the city. no, it is not beijing or shanghai, it isa no, it is not beijing or shanghai, it is a marketplace in kazakhstan in central asia. this man has owned this market for 15 years. and this woman came from china to take part in an eyes skating competition, but stayed for the opportunities. —— ice skating. translation: it has been great for business. many people have come here and they need my products from china. everything in this market is from china. it is notjust
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good, upload, toys, exercise equipment, even infrastructure. the local community says it is starting to ta ke local community says it is starting to take off. this oil and gas man is also taking profit from the initiative. at the start it was just him. now it does deals worth almost $200 million every year. he is expecting business to keep growing. xijinping said the two expecting business to keep growing. xi jinping said the two countries have gone from friends to relatives. kaza khsta n have gone from friends to relatives. kazakhstan has given the chinese preferential policies and is trying to speed up approvals and formalities for us. but with that success formalities for us. but with that success has come suspicion. last year, kazakhstan soul protesting against a controversial land reform bill. --
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against a controversial land reform bill. —— saw. many thought that china would own too much of the country. yes. only beautiful statements. china is our neighbour, it is our good partner, it is our future. and, umm, kazakhstan is going to use this china economical problem and wealth for our own economical interests. but what about the ordinary people? there are many different statements about china. traditionally, inside of our society, we have our own culture. despite those fears, china is still an increasingly important influence here. at this chinese language school, they see this as the language of the future. for most people in kazakhstan, this is the new reality, the relationship with china, one that will not change any time soon. if you are interested to
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hear more from the minister of energy in kazakhstan, tune into talking business from astana this weekend. a quick look at the markets. the nikkei is a little bit low. rebounding today. the all ordinaries index in australia is slightly higher and is doing well because of the energy—related stocks and resource related shares doing better with the rising oil prices. we will be telling you about that. that is it for this edition of asia business report. thank you for watching. goodbye for now. hello, you are watching bbc news. these are the main story this hour. —— main stories. a new offensive is under way to take raqqa, the capital of the caliphate of the so—called islamic state in syria. thousands attend the funeral for american student otto warmbier, who was held for 15 months in a north korean prison before
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being returned to the us in a coma. makram ali, the only person who died in the finsbury park attack earlier this week, had suffered "multiple injuries" according to a post—mortem examination. he was formally named by police and his family said they were devastated by their loss. his daughter said he was a quiet man with no enemies. our home affairs correspondent, daniel sandford, reports. it now seems clear that makram ali was killed in the attack. his death from multiple injuries can only have been caused by the van. 51 years old, he moved to britain from bangladesh at the age of ten. he had six children and two grandchildren. we wish everyone to know what a lovely man he was. he spent his whole life without any enemies, choosing a quiet life instead. we as a family have always believed that the actions of one person cannot be a reflection of a whole people. and i have no doubt that our father would not wish for there to be any retaliation or recriminations, and would urge people to remain calm and to pray for peace in these difficult times. makram ali suffered from a weak leg
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and had collapsed that night on the way back from the mosque. he was being helped in this cul—de—sac a few yards from his home, by other worshippers, when the white van sped round the corner and crashed into them. the van with its distinctive yellow logo was hired in pontyclun near cardiff on saturday. police are asking for information on its movements over the weekend, and for people who spoke to the driver. we need to hear from those people — what conversation did they have, what do they know about this person? and that a8—hour period is incredibly important. but of course if you knew him in the days and weeks leading up to this attack, please come forward — we want to hear from you too. a7—year—old darren osborne from cardiff is still being held on suspicion of murder, attempted murder and terrorist offences, but he has not yet been charged. daniel sandford, bbc news.
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the population of the uk has seen its sharpest annual increase in nearly 70 years. the office for national statistics says from june 2015 to june 2016 the population rose by 538,000 people. that takes the total estimated population of the uk to more than 65.6 million. it's thought the change has been driven by immigration, but also by more births and fewer deaths. 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: alexis sanchez becomes chile's all time top scorer, as his side draw 1—1 against world champions germany at the confederations cup. ireland and afghanistan are granted full test match playing status by the international cricket council. and roger federer moves
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through to the quarter—finals at halle, as he remains on course for a ninth title there. hello and welcome to the programme. we start with football and it was honours even in both of thursday's group b matches at the confederations cup. cameroon and australia drew 1—1, which did neither side any favours, while a 1—1 draw between chile and germany leaves them both on the brink of the semi—finals. colm harrison rounds up the action. germany were hoping to make it to be number 100, but suffered an early set back. the defender paid the price for a wayward path and his teammate alexis sanchez made the most of that mistake to put the south american champions in front after only six minutes. he is now the record goalscorer, with 38. it almost got worse for germany before it got better. a crossbar which away from making it 2—0. three

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