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tv   Asia Business Report  BBC News  September 4, 2017 1:30am-1:46am BST

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and most powerful nuclear test. us defence secretary, james mattis, said there would be a massive military response to any threat to the us or its allies. meanwhile south korea has carried out its own military exercise firing missiles from fighter jets and the ground. reports from myanmar suggest more rohingya muslim villages have been burned down. the un says more than 70,000 refugees have now crossed the border to bangladesh in the past week. and this video is trending on the most devastating floods to hit south asia in a decade have killed more than 1,400 people and focused attention on the lack of preparedness for annual monsoon rains. in many areas the authorities are struggling to get aid to millions of destitute people. you're up—to—date. stay with us. more to come. and the top story here in the uk: hospital managers in england have called for an emergency financial bail—out, saying they're preparing for the worst winter in years. nhs providers, which represents
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health trusts, says at least £200 million of extra funding is needed. now on bbc news, all the latest business news live from singapore. asian market reactions. pyongyang's latest nuclear test and donald trump threats. and from a vibrant tourist town to a ghost town. why did authorities shut down a resort destination in china? good morning, asia. hello, world. welcome to another edition of asia business report. i'm rico hizon. thank you for joining report. i'm rico hizon. thank you forjoining us. it's a monday. a few things we are keeping an eye on from the business calendar. we start with china playing host to leaders from
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the bricks grouping, which includes brazil, south africa, and other countries, on tuesday. the central bank will look at whether it needs to change the cost of borrowing from a record low of i.5%. it has been at that rate since august last year. we will begin with developments over the weekend. just hours after pyongyang said it tested a hydrogen bomb, donald trump tweeted the united states is considering slapping trade embargos on all countries that do business with north korea. how are the markets reacting? it is the start of the brand—new trading week. we will ask lisa, our business reporter. we are two minutes into the open for australia, japan, and south korea. what has the reaction been? markets are down following the sixth test by north korea. the biggest fallout is south korea. at the open there was a
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steep sell—off, negative i.4% south korea. at the open there was a steep sell—off, negative 1.4% last timei steep sell—off, negative 1.4% last time i checked. australia and japan are down. investors are taking a risk—off approach, moving money from risky stocks to safe havens. gold is now trading at $1335. 0ther safe havens include the japanese yen, the swiss franc, and other us government bonds. we are seeing the ten year treasury yields doing well, even though us markets are closed today. this has happened too often over the past several months. north korea missile tests, stabilisation, and markets going up again to be given the severity, and similar to hiroshima, people are wondering if this is a game—changer. if president
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trump cuts off all trade ties for countries to trade with north korea, it will be difficult to implement, but it would be severe, and cutting off the oil supply to north korea would be difficult as well. north korea will be the crucial element. the tension is more intense. thank you so much. of course, events in pyongyang overshadowed the annual meeting of bricks members in the south china city. i asked what the future holds for these emerging economies that seemed to be drifting apart. the term bricks was coined at the turn of the millennium in 2001. it was supposed to exempt the thigh five countries that were supposed to grow relatively quickly. —— exemplify. three of those economies have knows dived, one is slowing and
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one is growing —— nose—dived. it is difficult to see what connects these countries now. i don't know what this summit is supposed to achieve. it is meant to be a talking shop for russia, china, india, and... well, those are the main economies. then you have south africa as well. the largest technology show in europe is currently under way in the german city of berlin. 0ver currently under way in the german city of berlin. over the past two yea rs, city of berlin. over the past two years, titans like samsung has abandoned the exhibition, preferring to launch flagship products on the rain. that has allowed others to use these exhibits to show their goods. —— on their own. this is the stand
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out product. there is no sightscreen, no modular design. the focus is on taking pictures and shooting videos. to that end, there are two cameras, a beautiful 0led screen, and is in figure where you can pick and —— an object or person and zoom in. some have had cutting edge technology. i think lg has a lwa ys edge technology. i think lg has always been about choice. it may not be number one, it may not be the thinnest, cheapest, brightest, i mean, there are many things we are not. but one thing we have always been is giving people an alternative choice. there are two ways you can
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compete with the samsungs and apples of this world, cutting—edge features, and like this $400 moto x4, compete massively on price. someone who wants a high quality smartphone experience but cannot afford the flagship phones. that is what we provide. injust afford the flagship phones. that is what we provide. in just a couple of weeks, a new iphone is likely to dominate the headlines. manufacturers like those here will be hoping they can also make a splash. bbc news. since the 1980s, china's unbridled development has brought improved standards for millions of its citizens. it has also had issues with its unregulated expansion, especially when it comes to the natural environment. that has led authorities in the south—west to
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ta ke led authorities in the south—west to take the drastic step of shutting down an entire resort town. not eve ryo ne down an entire resort town. not everyone is happy. steve mcdonald has more. translation: this has usually affected allies. we used to work in hotels. —— our lives. now we have lost our lives. translation: businesses have closed. the economy has been affected. people don't understand. in the long—term, i think they will. the little hotel behind me has been forced to close, as with all the other small businesses along the for sure. that is because this once thriving tourist town in the lake behind it we re tourist town in the lake behind it were being loved too much. ——. a victim of success. and with such spectacular scenery, you can understand why people have been coming in to visit. but now china is slowly but surely moving away from
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the unregulated chaos of the past in order to protect places like this. we have come here to find out why the authorities pulled down the local tourism industry pretty much overnight. we will meet one of the hotel owners. translation: we make our living from fishing now. our income is very low. of course, we are angry they closed the hotel. before the closure, rooms would be booked out before the
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summer would be booked out before the summer holidays. translation: before we put economic develop and the head of the environment. now we pay attention to both. —— ahead of the. if we keep everything clean, business will be better in the future. stephen macdonald in china. and
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before we go, here is a look at another business development. steven mnuchin, the us secretary, says areas hit by hurricane harvey may have help delayed. donald trump has said it will give $1 billion of aid, but the us is set to hit the debt limit soon. this is one of the costliest storms in us history. $800 billion, according to the mayor. thank you for investing your time with us. i am rico hizon. goodbye for now. you are watching bbc news. these are the headlines. the us defence secretary, james mattis, has said there would be a massive military response to any threat to the us or its allies after north korea tested its most powerful nuclear device yet. kimjong un‘s regime hailed the test a "perfect success," and said america faces the "greatest
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disaster" unless it backs down. the brexit secretary david davis has said that the european commission is making itself look "silly" by saying that talks with britain aren't making progress. the eu's chief negotiator says british people need to understand the "extremely serious consequences" of leaving. chris mason reports. still some way apart, the uk and the eu — david davis and michel barnier at last week's talks. a huge sticking point is money, the divorce bill. today, mr davis insisted the uk would not be pressured into paying more than its fair share. we are basically going through this very systematically, a very british way, a very pragmatic way of doing it. and, of course, he's finding it difficult, and he wants to put pressure on us, which is why the stances this week in the press conference. bluntly, i think it looked a bit
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silly, because there plainly were things that we've achieved. and yes, there were spiky exchanges between the two men at thursday's news conference. mr barnier has since spent the weekend on the banks of lake como, in italy. he told a conference here he does not want to blackmail the uk, but added... meanwhile, the rows about leaving the eu return here this week. the planned new law that is needed to make it happen will be discussed in the commons, and remember, the prime minister's parliamentary predicament is precarious. she nurses a tiny majority. and that is why the debate on repealing this, the act that took us into the eu, matters so much.
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labour says it will vote against the law as planned, which will eventually be stored here, unless it is changed, including the option of staying in the single market during a transitional period after brexit. i've been very, very clear. whilst we accept the result of the referendum, we are not giving a blank cheque the government to do it in whichever way it wants, because it's not in the public interest. this means any rebellion from just a handful of conservative mps would leave the prime minister in real trouble. discussions on delivering brexit are getting rather blustery. chris mason, bbc news, at westminster. that is it for me. get in touch on twitter. now it is time for the sport news. hello, i'm nick marshall—mccormack and this is sport today,
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live from the bbc sport centre. coming up on the show: the wild card is wiped out... maria sharapova is knocked out of the us open by anastasija sevastova. magnificent at monza! lewis hamilton overtakes sebastian vettel to lead the formula one world championship. and it's sorry day for sri lankan cricket fans as india thrash their team again. hi there wherever you are around the world welcome to sport today. maria sharapova's comeback for her first grand slam since her doping ban, is over. she's been knocked out in the fourth round of the us open by anastasija sevastova in three sets. former world number one sharapova, had been granted a wild—card entry into the main draw. despite criticism from some of her competitors. the latvian 16th lost the first set but took control after that


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