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tv   Asia Business Report  BBC News  August 28, 2017 1:30am-1:46am BST

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across much of texas. houston has been badly hit — more than 2,000 people have been rescued as the waters continue to rise. president trump is due to visit texas on tuesday. there's a heavy security presence in northern india, ahead of the sentencing of a controversial guru convicted of rape. 38 people dead during protests after gurmeet ram rahim singh was found guilty. and this video is trending on a moment's silence has been held at london's notting hill carnival to remember the victims of the grenfell fire in west london. doves were also released in honour of those who died.the carnival takes place in the same area as grenfell tower. and the top story here in the uk. health officials in east sussex have confirmed that 133 people are being treated in hospital
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following a suspected chemical leak. people reported breathing difficulties and irritation to their throats and eyes from a haze that came in from the sea. now on bbc news all the latest business news live from singapore. harvey batters texas, the floodwaters continue to rise. how will oil prices respond to the devastation? and don't just leave will oil prices respond to the devastation? and don'tjust leave it to the experts. in new zealand, you can build and design your own sendoff box. it's monday, good morning asia, hello world. but you could join us. as we have been reporting, the most powerful hurricane to hit texas in more than a century has led to two doubts and
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concerns of more. triggering more floods and tornadoes, it it comes two days after tropical storm hato paralysed hong kong. —— deaths. it isa paralysed hong kong. —— deaths. it is a reminder of how damaging national disasters can be. i earlier spoke to a chief economist and asked how the insurance industry is changing to keep up with the increasing number of disasters. we don't know for sure, it is always climate change with these storms, it could just be the natural development of a cycle of heavy storms. we do know that we get lots of perils and catastrophes, we are seeing more frequency of flooding and wildfires, for example. with all of these national disasters in north america, asia and europe, are insurance companies starting to
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rethink projection models? we find out that floods are more common, wildfires might be more common, and we are always improving the models to adjust. we have had a big push on flooding recently. it is difficult to assure a product. people think the government will help them out, it is difficult to convince people that they should purchase insurance. are we seeing rising premiums as a result of these developments? the market has a lot of capital currently. we have seen a lot of things happening, it is all regional. in an area that is subject to an extra amount of flooding, such as the uk, prices go up, but not globally. that was a global chief economist explaining the insurance
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policies. and speaking further about harvey, has defected early asian trade? setting some context, some 45% of us refining capacity lies on the gold coast. you have got a good portion, one fifth of the nation's crude oil production out in the gulf of mexico. what happens there has a huge impact. we have seen two things, gasoline futures are up about 70% to a two—year high. however, the benchmark oil price that people usually look at, the west texas intermediate, that has barely moved, it is down slightly. we saw prices spiking i% on friday. people bracing for the impact of the
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storm. traders coming back yesterday and watching the impact. what has been confirmed is that one quarter of production has been shut down. about 24% of the production in the area of crude is down. national gas, 26%. if you think about it, that is about 400,000 barrels per day. all big firms have shut down production. it seems like investors are still assessing the damage. thank you. planning to travel, but not keen to stay in hotel? the rise in house and apartment rentals has shown the power of the collaborative economy. i spent two minutes with the
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co—founder of aianb. i asked how he came up with his business idea. co—founder of aianb. i asked how he came up with his business ideal was an entrepreneur, i had a business in high school. i learned from that that i could build things that people valued. that is now aianb, which is very successful. property regulations around the world have cracked down. they have challenged aianb. how was aianb working with governments in asia for these regulations? we try to have as many proactive conversations as possible. many governments have embraced home sharing policies and many more will hopefully follow suit, including here in singapore. is the benchmark for short—term leases? yes, it is a trend that is not going away. the question is what the rules are in any given city that should surround that. is aianb's
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growth slowing because of increased regulation? not necessarily. it has slowed a bit, but at this scale, it isa slowed a bit, but at this scale, it is a scale that most people could not have imagined a couple of years ago. how are you countering these challenges to grow in asia? the business is evolving. it is notjust about accommodation, we have launched experiences now as well, including here in singapore. what lessons have you learned growing with aianb as a business? more and more young people are travelling, the middle class is getting bigger. they want to experience the world authentically. that is what you get when you stay in someone's home. you have stayed in hundreds of aianb's which one was the most memorable? this past 0ctober, which one was the most memorable? this past october, i was in a castle
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in tuscany. it was on a vineyard, we had a tour of the vineyard and we got to explore the underground caves. it dated back to the 1400 ‘s, so caves. it dated back to the 1400 ‘s, so that was pretty unique. thank you for your time. for most people, organising a funeral is an expensive formality left to professionals. groups in new zealand are changing that mentality. the coffin club teaches people how to make there own caskets. ina shrine in a shrine to elvis, there is a cough and with raewyn. warming up her shared deathbed. why are the king? that is a silly question. who wouldn't? just look at him! it means
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you'll be lying on top of me for eternity. what could be better? raewyn's a member of the rotorua coffin club, where people make their own coffers. they are a sick, and can cost as little as $200 us —— coffins. decorating is where the imagination runs wild. coffins. decorating is where the imagination runs wildl coffins. decorating is where the imagination runs wild. i could afford a normal funeral service and coffin, but i couldn't even cover the cost that myself. robin will be cushioned by her late husband's love letters my husband died many years ago and! letters my husband died many years ago and i had to spend a lot of money on his funeral that wasn't necessary. ironically, jan used to bea necessary. ironically, jan used to be a funeral director. she has had
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funerals in her backyard, and said they can cost as little as $700. many families get crippled because of funeral expenses. the thing is, you cannot personalise it. when people see this, they are going to say, hey, that is great. this is katie williams who founded the club nearly ten years ago. a former midwife, she donates coffins for children and our unborn babies. midwife, she donates coffins for children and our unborn babiesm our own little way, we are changing some of the concepts of a traditionalfuneral. some of the concepts of a traditional funeral. taking all the mystique out of death and dying. it is normal. want to get past 73, funerals come to frequently. musical documentary has been made about the club, highlighting its surge. —— 0nce
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about the club, highlighting its surge. —— once you get to. who would have thought death could be so glamorous. before we go, some breaking news. uber has a new ceo. the former ceo of expedia has been appointed. they are seeking to move past a turbulent period. uber has a new ceo. thank you for investing your time with us. the top stories this hour. more than a thousand people are rescued as parts of texas face unprecedented flooding. security has been tightened
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in several states of northern india ahead of the sentencing on monday of a self—styled guru convicted of rape. jeremy corbyn has defended labour's policy shift, in advocating the uk remain in the eu's single market and customs union, during any transitional period after brexit. he says it's the best way to safeguard jobs and the economy. 0ur political correspondent iain watson reports. labour's leadership have always been clear. they respect the result of the eu referendum. but they have been less clear about what sort of brexit they want. now the shadow brexit secretary and the leader have agreed on a direction of travel. for the period after we leave the eu nothing much would change at all. writing in the observer, kier starmer says... custom union membership allows our goods to flow freely across the eu. but it also restricts our ability
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to make independent trade deals. being inside the single market means goods and finance can move freely beteen member states, but so too can people. never mind talks between britain and brussels, as i understand it there has been tense negotiations within labour's ranks to clarify their position. what does abiding by eu rules actually mean? it would mean the continuation of free movement of labour, making it difficult to control eu migration. butjust how long would labour's transitional period actually last? here, the government is thinking in terms of two years. but we are not putting a time limit on it. we need to reach an arrangement which protects the long—term trade relationship between britian and europe and jobs in this country. jeremy corbyn was in the spotlight in edinburgh today talking about brexit. but, behind the scenes, some of his own mps want him to go further and commit to permanent single market membership.
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what people would now like to see, building on this important step forward, is for the labour party to commit to single membership and customs union after the transition period after the uk has left the european union. but some labour mps who backed brexit don't want to see the leader moving further in that direction. jeremy is on a journey. i have not been on a journey. so i think people can keep the faith with those of us, labour mps who campaigned to come out, and to know we're not doing any ratting or u—turning or anything else. it's a difficult balancing act, appealing to both remain and leave voters. jeremy corbyn did it at the last election, but that may be difficult to repeat as he clarifies his position on brexit. time now for all the sports news in sport today. hello.
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this is sport today, live from the bbc sport centre. coming up on this programme: liverpool hammer arsenal 4—0 in the english premier league, moving up to second in the table. lewis hamilton wins the belgian grand prix reducing sebastian vettel‘s championship lead to seven points. and dustinjohnson wins the first of the season ending fed ex cup play off events, the northern trust 0pen, in a play—off againstjordan speith. hello, and welcome to the programme, where we start with football news and in the english premier league liverpool produced a dazzling attacking display at anfield to beat arsenal 4—0. two goals in either half forjurgen klopp's side moves them second in the table, two points adrift of leaders manchester united. first—half efforts from roberto firmino and sadio mane put the home side in a strong position at half time at a ground that hasn't been kind to arsenal in recent years. mohammad salah compounded the gunners woes when he struck a third and daniel sturridge added a fourth.


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