tv Asia Business Report BBC News June 29, 2017 1:30am-1:46am BST
anniversary of its reunification with china. it's his first visit to the city as chinese leader and protests are expected. 26 democracy activists were arrested on wednesday. more than sixty countries have now been hit by the latest wave of cyber attacks which are said to be more sophisticated than the previous global attack. the ra nsomwa re programme overwrites computer files. and this story is trending on bbc.com. the creator of paddington bear — for generations one of britain's best loved characters — has died aged 91. michael bond first introduced the bear from darkest peru to the public in 1958. that's all from me for now. stay with bbc news. the bbc understands that the retired court of appealjudge —
sir martin moore—bick — will be appointed head of the public inquiry into the grenfell tower fire. now, business news. the plot thickens in the saga over who will buy toshiba's lucrative memory chip business. we look back at what malaysia did different to survive the financial crisis 20 yea rs survive the financial crisis 20 years ago, but was it the right move? good morning, asia. hello, world. it is thursday. i'm rico hizon. well, it is going from bad to worse for toshiba. it is suing its us joint—venture partner western digital four 8 us joint—venture partner western digitalfour 8 billion us dollars in damages for interfering in the sale of the memory chip division. toshiba
will not allow western digital employees at its japanese plant to access employees at its japanese plant to a ccess a ny employees at its japanese plant to access any information relating to the companies‘ joint—venture. toshiba faced angry shareholders at the annual meeting on tuesday. the firm hasn‘t said exactly how much money it lost last fiscal year because it‘s watered at hasn‘t approved the figures. let‘s hear what some of the investors had to say. translation: i cannot believe how many times they postponed the results. it is a serious problem. translation: i want the company to rebuild even if it downsizes its business. toshiba chose a government led consortium as its preferred bidder and it was hoping to conclude before yesterday‘s meeting. are they running out of time? i asked leo lewis from the financial times what will happen to the government led deal. it is not dead in the water. they will push it pretty hard. as you have heard and described, these different things going on signal how
severe the situation is for toshiba and the worse they get the more they push for a deal of some sort and this still looks, this government backed incj consortium looks like the best option. we mentioned toshiba says western digital is interfering and dead set against the sale. are they still a likely suitor? they have come up with another bid. that's right. if you look at the interchange, this legal battle, escalating battle between western digital and toshiba, you see both sides signalling their desperation. a bad deal isn‘t good for either of them. i think that western digital are still in there. when they resubmitted the bid earlier this week it clearly was the reason that these negotiations were delayed and toshiba was unable to say as it wanted to at the shareholders meeting that we have a deal signed and we will be okayed by
next year. leo lewis from the financial times in tokyo. companies around the world are trying to recover from the latest cyber attack including and transport networks including shipping giant maersk. the attack is contained party system is down and we have to make sure that we can have the software put in place to prevent such an attack from occurring again and also that we don‘t want to get the systems backup to see the infection start again. their ships are operational, they are sailing safely. they do not rely on the same network as we do. there area number of on the same network as we do. there are a number of processes we cannot run today. we cannot take new orders and some terminals are affected in their operation. in other news: making headlines, rupert murdoch will find out later today whether he
is closer to securing takeover target sky. murdoch‘s 2ist is closer to securing takeover target sky. murdoch‘s 21st century fox offered $15 billion to buy the rest of the network, reigniting a row over whether the australian—born businessman has too much influence. turning to aviation and india‘s cabinet will privatise air india. a committee will be formed to decide the details including the size of the details including the size of the government stake to be sold. the debtladen carrier has struggled to become profitable due to growing competition from low—cost rivals. and as we have been reporting all week it has been 20 years since a financial crisis or a three stage. while regional currencies were tumbling malaysia went against conventional wisdom, tumbling malaysia went against conventionalwisdom, implementing capital controls and sparking an outcry from the international financial community. in the short term this helped lessen economic damage but what about the long—term? christine hart made that decision,
the former prime minister on whether heindeed the former prime minister on whether he indeed did the right thing. a co nsta nt he indeed did the right thing. a constant buzz of activity. this company makes cranes and lifting equipment for industrial sites across asia. last year they opened the largest manufacturing facility in southeast asia. 20 years ago its business ranked almost 70% in a matter of months. this man was starting out in the family business in malaysia which included the company. we were seeing first customers come back and saying we probably can‘t take delivery, or we will take delivery but we cannot pay the final bill. in that year, ‘97, the final bill. in that year, ‘97, the damage when we looked at our books, will always be in our memories as the worst ever. but
things looked very different at street level. this man has run the store for 46 years and says he did not feel the effects of the asian financial crisis. translation: business today is not as good as it was in 1997. under mahathir, things we re was in 1997. under mahathir, things were better. then the prime minister, mahathir mohamad, refused a bailout, and in september 1998 implemented capital controls stopping offshore trade and taking it to the dollar. it was a very frightening thing, to go against the whole world, all of the great opinions of the great economies and all that, it is not something that you do everyday. but i found that there is no other way. so it is a big risk, i know, buti there is no other way. so it is a big risk, i know, but i had to take that risk. as a result of our currency control, we recovered very quickly. now, if you ask around
here, most people will tell you that they didn‘t feel the effects of the asian financial crisis that much. at 20 years on there are some who say that malaysia missed a golden opportunity for reform which would have put it in a better position today. this is gdp growth. this economist tells me capital controls sheltered malaysia from the worst of the imf‘s austerity measures. but it let the government continue with an economic policy favouring the indigenous malaysian population and allowed bail outs of ailing state—owned companies and banks. all of this hurt malaysia in the long run. we did have a head start but the economy was growing much faster than them, so after what happened to malaysia. it is a question as releva nt malaysia. it is a question as relevant today as it was two decades ago. all of this week we revisit the country‘s hardest hit by the asian financial crisis and we have heard stories of survival. what lessons
have learnt from the economic meltdown? i put it to an economist at the monetary authority of singapore during the crisis. since the crisis they have taken a lot of measures, very painful measures, to reform the economy, rebuilt foundations for growth, and also strengthening fundamentals. the fundamentals from then and now are different, with geopolitical issues, you have brexit, potential us protectionism, a slowdown in chinese economic growth, could these be risks for another financial turmoil? certainly, i mean, they are risks and you need to constantly adapt your monetary policy framework, your economic fundamentals. that‘s what the countries have been doing. for instance, during the global financial crisis they were able to weather the crisis relatively unscathed. and that‘s because longer way they adopted prudential policies to deal with all of our capital
flows. so, the region has been doing a lot of work on the economy to make it more resilient. we are seeing signs of a potential crisis brewing? well, at the moment it has receded somewhat, but there is risk of protectionism which would be damaging to global trade and there is always the risk of financial turbulence and we just saw a cyber attack as a possible risk now, so these new risks are merging. the best way is for the region to be more resilient, develop buffers, strengthen the fundamentals. we have seen strengthen the fundamentals. we have seen the likes of thailand, malaysia, the philippines growing over the last 20 years. is that growth secured over the next five to ten years? i'm quite comfortable that it will be able to secure and grow around 5% over the next five yea rs grow around 5% over the next five years and they can even do better than that. and the main reason i am saying that is because the region has become much more self—sufficient. they are less dependent on the west and europe.
after the global financial crisis they rebalanced to become much more self—sufficient. they rebalanced to become much more self-sufficient. and don't forget to tune into the special programme playing out at the weekend starting on saturday and tomorrow we have the philippines focusing on the people who suffered during the asian financial crisis. so, watch out for that, and a quick look at markets — asia is off to a positive start this thursday. tokyo stocks opening higher with banks rallying following strong performances from their us peers. thank you so much for investing your time with us. i‘m rico hizon. goodbye for now. the top stories this hour: police in hong kong have arrested a number of democracy protestors hours before president xi arrives to celebrate 20 years of chinese rule in the territory. the european police agency, europol, says this week‘s cyber—attack appears to be even more sophisticated than last month‘s devastating assault, completely destroying computer files. an orphaned baby chimpanzee whose plight moved people around the world has died.
nemleyjunior had been seized by poachers in west africa and offered for sale but was then rescued following a bbc news investigation. despite dedicated care in the past few weeks, he succumbed to a series of illnesses including malaria. 0ur science editor david shukman reports. weakened by disease and orphaned by poachers, this is the baby chimpanzee, nemley junior, fighting for his life. seized from the jungle and then rescued after a bbc investigation, he recently became so ill that he was cared for 2h hours a day. i was really struck by how strong he was and how hard he fought up strong he was and how hard he fought up until the very last moment, 30 minutes before he passed he was still fighting. police! it was late last year that nemley junior was about to be sold by wildlife traffickers in ivory coast. a
pitiful sight that would provoke at wage around the world and our investigation led the police to intervene. nemleyjuniorwas discovered and handed over to officials of the government of ivory coast. we saw him as few months later in the zoo. he had gained weight and confidence but then his life turned for the worse again. this zoo is overcrowded and underfunded. we received offers from centuries to give him specialist ca re centuries to give him specialist care but ivory coast officials refused to let him leave the country and soon he began rocking back and forth, a typical response to stress. after co nsta nt forth, a typical response to stress. after constant pressure on the authorities from us and from wildlife groups, nemley junior was allowed special care but chimpanzee experts say infants need constant support. the tlc, the love that they... they need that in order to
be healthy psychologically but also healthy physically. and unless they receive that they can really struggle. our investigation led to the first convictions for wildlife crime in the history of ivory coast. this man and his uncle were jailed for six months but they have now served their time and they have been released. david shukman with that report. we have lots more on the website, but now all of the sports news in sport today. hello, this is sport today, live from the bbc sport centre. coming up on this programme: brilliant bravo! chile are through to the final of the confederations cup. melbourne cup hero, michelle payne, fails a test for a banned substance. and bolt fails to break 10 seconds but still takes another win in 0strava. chile are the first side
through to the final of the confederations cup after beating portugal on penalties on wednesday. manchester city goalkeeper claudio bravo was the hero saving three spot kicks in kazan. germany and mexico play in second semi—final on thursday. colm harrison rounds up the action from this one the first of the confederations cup semi—final put the champions of europe against the champions of south america and it was portugal who made the brightest star. so ronaldo sent an up silver but this was not the last time claudio bravo would keep them at bay.