tv Asia Business Report BBC News September 1, 2017 1:30am-1:46am BST
millions of people affected by flooding. more than 1,200 people are believed to have died. it's thought to be the worst monsoon season in decades, with tens of thousands of people forced from their homes in india, nepal and bangladesh. us officials say rescue operations are continuing across texas to help victims of storm harvey. floodwaters are expected to peak in some areas later on friday. around 100,000 homes have been affected and at least 33 people have died. and this story is trending on bbc.com. the english premier league's record summer spending has come to an end with the closure of the transfer window. across europe, more than $4.8 billion has been spent in the top five leagues. that's all from me for now. stay with bbc news. and the top story here in the uk — after the third round of talks in brussels about the details of brexit, negotiators from both the uk and the european union have complained about the lack
of significant progress. now on bbc news, all the latest business news live from singapore. typical storm harvey takes its toll on the oil industry. the lip pump up gas prices here in asia? and on south korean electronics giant that the green light to test drive —— automatic cars. it's a friday everyone! good morning, asia, hello, world, thank you forjoining us for asia business report, i'm rico hizon. starting with hurricane harvey and it may have weakened but flooding continues to wreak havoc on parts of the south—east portion of the united states, some projections show it may be the costliest
national disaster in us history. the houston area is home to america's oil and gas industry, the country ‘s largest refinery will be shut down for at least two weeks and other refineries along the gulf coast are off—line as well. let's take a look at the updated numbers for the oil markets in asian trade. it rose overnight in new york trading but in the early asian trading it is slightly down. i spoke earlier with energy analyst suzanne minter about the impact on asia. the us imports on average 3.7 million, net, 3.7 million barrels a day of crude into the gulf coast which currently is having to find markets elsewhere. but when we look at asia and i look at china in particular, let's say, for example, china was one of the largest asian for example, china was one of the largest asia n offta ke for example, china was one of the largest asian offtake is of us crude in may and june but the year—to—date
china has only been averaging 200,000 barrels a day of us import and utterly represents less than 1.596 and utterly represents less than 1.5% to chinese refining capacity. however as i said everyone is focused on oil but we look at the petrochemical sector, the us‘s exports 1.2 million barrels a day of propane and butane. half of which has been moving to asia. energy a nalyst has been moving to asia. energy analyst suzanne minter in denver, colorado. india's economy is showing signs of slowing, its gdp growing by just about 6% in the quarter ending injune. it is a big drop from the previous quarter and slower than the 7% expansion in the same quarter of last year. so why did it hit a three—year low? the latest economic growth figure clearly suggest that the economy is still to recover from the economy is still to recover from the cash ban decision that was introduced last year. the government banned 90 cent of the cash in
circulation, practically overnight. since then, expansion plans have been affected with small and medium—sized businesses struggling. the economic figure doesn't take into account the performance of small businesses and the unorganised sector which constitutes more than 50% of the total economic output in india. these segments were the worst hit after the cash ban. it means the slowdown may be even more severe than the latest figures suggest. 0n wednesday india's central bank said 99% of the banknotes which were banned have already returned to the system. analyst for it makes the cash ban a failure. the exercise was aimed at weeding out unaccounted wealth or so—called black money. the worst the economy may still not be over with the introduction of the gst which came into effect injuly. this reform is expected to overhaul the way businesses pay tax in india. small businesses are finding it
difficult to adapt and this will delay expansion plans. the imf and world bank had estimated india's economy would grow by more than 7% in 2017 out with these latest figures coming in, the target looks difficult. to achieve. chinese president xijinping difficult. to achieve. chinese president xi jinping will be meeting with resilient president later today ahead of the ninth annual summit of nations known as brics. china is now the south american country's largest trading partner. brazil recently came out of its worst recession in history written by agricultural growth. as a south american correspondent reports, a good harvest may not be enough to save the economy in the long run. work never stops in these fields in brazil. today they are covered in
white as farmers harvesting cotton. just a few weeks from now, the land will be cleared to make way for soya bean plantations. this farmer knows how important his farm is to brazil. ablation macro we saved the country ‘s economy busier, it is impossible to imagine what brazil will look like without its farmers today. from the small ones to the big plantations, we are helping the country get through the hard times. agriculture accounts for more than one fifth of brazil's economic output. this year's bumper harvest means the sector will grow by more than 10%. if brazil's agriculture sector was a single country, it would be growing faster than any other nation on the planet. this man isn't only a farmer, revenues from agriculture have transformed this city, each breast of the best funded
schools in brazil or even after the town's population tripled in size over the last decade. but despite positive stories, in the town, infrastructure outside could stall the engine of growth. the long road for brazilian exports to markets like china, europe and the us starts here that this is one of the worst roads in brazil. you can see there is no movement at all. it will take days for these trucks to reach the coast and that makes resilient products about 10% more expensive. 0ur transportation isn't adequate for the country. we need more railroads. if we change our matrix, we would save around 100 billion, a year, that means 30 billion dollars a year. but building better roads
and railways is expensive and brazil's government is cash—strapped. posterity is still confined to the country's highly productive fields. a bumper harvest may help end of recession but it will not fix brazil's more serious problems. samsung has been granted permission to test the self driving ca i’s permission to test the self driving cars in california. the approval comes several months after the south korean technology giant rocked us supplier harman international for $8 billion. it will now go head—to—head with other silicon valley rivals who are also developing and testing autonomous vehicles. we are now joined by a leash. this is a new initiative for samsung. it fits with that other businesses. they make smartphones, is, memory chips, lcd, these all require advanced technology that they are looking to channel into autonomous cars. the
permit they have in california is one of 39, others include a pool, google's alphabets, huber, tesla, some really big names. samsung says they are not planning on making any cars, the commission they have will see them used three vehicles to test out software and sensors, survey plan to use a tour to previous as well is to different audi cars. it is interesting because some companies are building the entire thing, tesla for example, and google had this division called wayne more and they try to build their own car but have scrapped the saint indeed using a chrysler model. so it is a convergence of samsung ' knowledge is. but it is being tested in silicon valley, will be tested in south korea? samsung actually got permission from the south korean government earlier this year to put the driving cars on the road. they wa nt to the driving cars on the road. they want to be a leader in the space. they are already quite advanced
among asian economies. they have five g and four g when it comes to mobile network. so when it comes to other parts of the world, singapore for example, we have other companies testing self driving cars and in china as well, plans to put cars on the road by 2020, and toyota, the biggest carmaker in japan, the road by 2020, and toyota, the biggest carmaker injapan, are planning to put $1 billion into research and development in the areas of asia is definitely going to bea areas of asia is definitely going to be a leader in the space as well. we are moving forward but my question is would you write an autonomous car? a self driving car? some of these don't have pedals or steering wheels and i don't think i would get into them because it was like being stuck in a cable car. i'm scared! especially during the testing period! think you forjoining us. all right, before we go, let's have a look now at the markets. positive us economic data at easing tensions in north korea currently having a
positive reaction on the asian markets. japan is up by 71 points. you have the all ordinaries index gaining 52 points. the numbers right 110w gaining 52 points. the numbers right now from the hong kong hang seng, but not for the market will open in 50 minutes. wall street is positive. boosting expectations. it will hold off on increasing interest rates. thank you very much for your time. rico hizon. sport today is next. you will have to wait a little longerfor the sport. the top stories this hour — weeks after the worst flooding in several decades, around a third of bangladesh is still underwater and millions of people have been displaced. the us government has estimated that 100,000 homes have been damaged by hurricane harvey, and rescue operations are still going on.
theresa may has said she's "not a quitter" and repeated her pledge to lead the conservatives in the next general election. speaking injapan, mrs may said the public wanted her to get on with thejob. she's supported by some senior conservatives, but others have questioned whether she will still be leader in five years' time. 0ur correspondent ben wright has been travelling with the prime minister — his report contains flash photography. they're two prime ministers in tune, shinzo abe has rolled out a very warm welcome for theresa may on this three day trip. whether mrs may's reception will be quite so generous when she gets back to westminster is another matter, after the surprised pledge to lead britain and her party into the next general election, a vow repeated today. i said i wasn't a quitter and there's a long—term job to do. there's an importantjob to be done in the united kingdom. we stand at a really
critical time in the uk. this fighting talk comes only three months after mrs may called a snap election and lost her party's majority. but with brexit negotiations under way and no obvious rival in sight, most, but not all, tories seem willing to let her carry on, for now. we've made a decision, we want theresa may to get on with thejob. we think it's an importantjob. it's critically important for the country that we get the right outcomes. i don't see any immediate change, but i think it's unrealistic to plan on the assumption that theresa may's going to be fighting the next election as leader of the conservative party. i don't think theresa may will stand down of her own accord, she would never to have a challenger to go forward to her. she is not a quitter. she's very resilient, and she will be there for as long as the conservative party want her to be. given north korea's latest missile test over this island, defence was a focus of talks here, as was brexit, with japan anxious to protect its investments in britain. translation: on brexit, we would like the impact on our companies minimised. we want predictability
and transparency ensured during the negotiations. mrs may says she's listening, so that a smooth brexit transition is realised. it's the long—term issues of trade, the consequences of brexit, defence and security cooperation that have dominated theresa may's talks here, but it's her unplanned, strikingly blunt declaration about her own political future that her trip to japan will be remembered. ben wright, bbc news, tokyo. and you can get in touch with me and most of the team on twitter. i'm @benmbland. plenty more news on our website. 0r ta ke plenty more news on our website. 0r take a look at our facebook page. time now for all the sports news in sport today. hello there. i am tulsen tollett.
this is sport today, live from the bbc sport centre. coming up on this programme: kylian mbappe joins paris saint—germain on loan from monaco and then scores for the french national side as they beat the netherlands in world cup qualifying. japan become the fourth team to qualify for next year's world cup in russia after beating australia 2—0 in saitama. and roger federer needs five sets to get past mikhail youzhny at the us open. hello there and welcome to the programme. we start with some of the main football transfer news from thursday. many of europe's top leagues have seen the window close and one of the main stories was that paris st—germain have signed this man here, kylian mbappe, on a season—long loan from french champions monaco. that comes with an option to make the deal permanent for a fee of $215 million dollars.