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tv   World Business Report  BBC News  September 4, 2017 5:30am-5:46am BST

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this is bbc world news. the headlines. the us defence secretary james mattis says any threat to the united states or its allies will be met with a massive military response. he was speaking after briefing president trump following north korea's latest nuclear test. south korea has responded by carrying out its own military exercise. the german chancellor angela merkel has clashed with her rival martin schulz over foreign policy in the only live televised debate of the election campaign. polls after the debate indicated that mrs merkel came out ahead. a bbc investigation has found that so—called islamic state was secretly directing would—be extremists to murder people at both london bridge and westminster nearly a year before each attack. german bomb disposal experts have defused a massive unexploded bomb from the second world war. around 60,000 residents of frankfurt were evacuated from their homes. now it's time for world business report. a flight to safety —
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donald trump warns he could sever ties with north korea's trading partners in response to the missile threat. counting the cost of hurricane harvey. the deadly storm has knocked a quarter of the us‘s oil refining capacity offline. we'll ask an expert what this could mean for the world's largest economy. welcome to world business report. i'm sally bundock. in a minute we'll take a hands—on look at the latest gadgets to be unveiled at europe's biggest technology fair. but first — just hours after pyongyang said it tested a hydrogen bomb, president trump tweeted the us is considering slapping trade
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embargos on all countries that do business with north korea. this includes india, russia, pakistan and perhaps most notably, china. the latest figures show trade between the us and china is worth nearly $650 billion every year. this makes china the united states‘ biggest trading partner. many experts believe that washington is leaning on beijing to isolate north korea. trade with china is crucial to the fortunes of pyongyang, with over 80% of all north korean exports being purchased by their neighbours across the border. rico hizonjoins us from singapore. nice to see you. a bit more about this new threat of wider sanctions.
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well, there is still no clarity on what this could be. this was from a tweet from donald trump bite, sally, and bago from the united states almost will surely result in friction with beijing and moscow. but it could be the price for denying kim jong—un the resources for his weapons programme. there are many ways and bardot can be put in place. the trump administration could simply declare one and then go about enforcing it on its own. alternatively the white house with chinese and russians leaders submits an embargo resolution to the un security council and demand they accept it without delay. chinese banks are vulnerable to us criminal prosecution and, more importantly sanctions. the bank of china is
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especially at risk and the us treasury could find or even designate it as a primary money—laundering concern. letters under the patriot act in the us. this could definitely brewing trade and business between two of the largest trading partners in the world. in the meantime, how our financial markets faring in asia? world. in the meantime, how our financial markets faring in asia ?m we have a look at the updated numbers over the lunchtime break, the markets have not really gone ballistic, thank goodness. the losses are ballistic, thank goodness. the losses a re not ballistic, thank goodness. the losses are not what many had expected on the equity markets. some shedding just 0.7%. the japanese market and less than i% shedding just 0.7%. the japanese market and less than 1% down. hong kong, sydney and singapore are all slipping less than 0.5% however shanghai white early losses to rise slightly in midday trade. this latest fla reu p
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slightly in midday trade. this latest flareup sent investors fleeing for safe assets with the yen climbing to around 110 against the us dollar. the swiss franc was also higher and gold is spiking to a ten month peak to sit above $1330 per ounce. kopper is at at a two—year top on strong activity. when you speak to analysts, they see the key now is the response of the international community, given how ineffective the un sanctions have been at discouraging north korea. the united nations security council will have a second meeting in a week to discuss what to do after this latest north korean nuclear test. thank you very much. good to see you, thank you for keeping us across the latest. meeting after the other big event the mind of president trump. at least 47 people have died since hurricane harvey hit texas just over a week ago. some residents have been allowed to return to their homes but flood
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waters are still rising in other areas. president trump has asked congress for $7.8 billion as an initial payment to help with recovery efforts following the flooding in both texas and louisiana. the white house says about 100,000 homes, not all of which were fully insured, had been affected by the storm and the flooding that accompanied it. texas governor greg abbott said the state could need as much as $180 billion from the federal government to help it recover. the storm at its height knocked up to 24% of us oil refining capacity offline. it's also believed the nation's largest refinery in port arthur may be shut for up to two weeks — sending petrol prices higher across the us. joining us now is arun pillai essex, managing consultant at verisk maplecroft. thank you for being on the
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programme. can we start with the estimate of the cost? it is difficult to say at this point how much it will cost but federal aid will be required and it is money that the federal government does not really have. you are absolutely correct. the texas governor has estimated the price to be 180 billion dollars which would make it 30 or $40 billion more than the largest natural disaster prior, that is hurricane katrina. significantly more than hurricane and sandy in 2012. already it is definitely going to be the most expensive us national disaster in terms of its wider economic impact, third—quarter growth was estimated around 3% and i think with harvey is likely to be 0.5% less. it is a large knock—on impact that we see in the associated sectors around the golf. 0il, impact that we see in the associated sectors around the golf. oil, gas
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and petrochemical companies. they are the notable industries that are being impacted. can we focus on the energy industry there and the impact. it has improved in the last few days. what is the latest? to 596 of the total us refining capacity remains off—line which is quite significant. 10% of offshore platforms remain evacuated. the major ports along the texas coast are unable to take in large container verses with crude oil imports from places like mexico so it really is remaining quiet a difficult period. if you look at oil and gas prices and futures for gasoline, they have surged to two year high of. so there is still a lot of movement. just briefly, the impact on the oil price, do you think, if any? ithink impact on the oil price, do you think, if any? i think people expect petrochemicals to come back online
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in the next few weeks so this long—term impact is unlikely to be that significant. this is also a factor in the fact that onshore shale production has been quite high whereas in previous national disasters impacting the coast, there was a lot more speculation in the us market so the impact on prices was certainly more significant. we saw more volatility there. that is not to say the prices haven't gone up, they have in many south—east and is aids. -- they have in many south—east and is aids. —— they have in many south—eastern states. it's touted as europe's biggest tech show, but in the past few years, titans such as samsung have abandoned berlin's ifa exhibition. now, smaller competitors are using the event to make a case for their innovations — particularly their sleek new smartphones. joe miller is there. this is one of the standout product
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here this year. it is the new the 13 smart phone. i have gone with some of the gimmicks from devious models, no sightscreen and now modular design. the focus is very much on taking pictures and on shooting video. to that end, there are in a new cameras on the back, there is a deep and beautiful lead screen and a lovely zoom feature which you can pick a particular object or person in the distance and then the camera will very, very smoothly zooming towards it. the question for this phone, as with previous models, some of which have had cutting—edge features that have not sold well, is or can it make inroads into crowded and competitive smart phone market? i think lg has always been about twists. it may not be number one in phones, it may not be the thinnest or the cheapest or the brightest, there are many things that they are not. but one thing we have always
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been used giving people an alternative choice. there are two ways you can compete with samsung and apple. 0ne ways you can compete with samsung and apple. one is with cutting—edge features and the other, such as with his $400 motor works for, is to compete aggressively on price. we priced at world to target discriminating consumers. someone who wants a high—quality smart phone experience but maybe is not looking for the flagship prices. we designed a phone to provide all those benefits the price did very well.m just a couple of weeks a new iphone is likely to dominate the headlines. but manufacturers like those here will be hoping that is a too will still be able to make a splashed. there's a warning that policing
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in england and wales is facing a ‘perfect storm' because of rising crime and staff shortages. our home affairs correspondent, danny shaw, reports. is the thin blue line becoming too thing? yes, says the police superintendents association. that is the association that represents 1000 ranking middle offices, the men and women who make the operational decisions. the superintendents are concerned that there are fewer police officers working harder and working longer hours in more challenging environment. the man who leads the organisation believes that isa leads the organisation believes that is a model of policing which is fundamentally flawed. is a model of policing which is fundamentally flawedlj is a model of policing which is fundamentally flawed. i think it is the service as first resort and last for many people, understandably, and i think what i have also described, i think what i have also described, i think we are also the service that is everything in between as well. that puts a lot of pressure on police officers to try and meet that
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expectation from the public. i am not convinced it is a sustainable position in the mid—to long—term. the superintendents association conducted a survey of its neighbours about work pressures. 72% of those who responded said they did not use all the annual leave they were entitled to. 50% of superintendents said they had signs of anxiety. 0ver one quarter, 27%, were experiencing symptoms of depression linked to the demands of working in policing. the association is known for being the voice of moderation in policing to its warnings are likely to be taken seriously. the home office says it is piloting a new national service to provide welfare support to police who needed to be ministers have also had discussions with police leaders amid calls for extra police funding for forces that no decisions have yet been taken. coming up at 6am on breakfast — charlie stayt and naga munchetty will have all the day's news, business and sport. they'll also have more on scotland's queensferry crossing
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which will be officially opened by the queen today. this is bbc news. the latest headlines: the us defence secretary james mattis says any threat to the united states or its allies will be met with a massive military response. he was speaking after briefing president trump following north korea's latest nuclear test. south korea has responded by carrying out its own military exercise. the german chancellor angela merkel has clashed with her rival martin schulz over foreign policy in the only live televised debate of the election campaign. polls after the debate indicated that mrs merkel came out ahead. german bomb disposal experts have defused a massive unexploded bomb from world war ii. around 60,000 residents of frankfurt were evacuated from their homes. now it is time for our news review.
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we begin with the telegraph and a warning from the united states that north korea faces a "massive military response" that would be "overwhelming" if pyongyang threatens america or its allies. the philippine daily inquirer also looks at rising tensions on the korean peninsular and another warning from russian president vladimir putin who said the stand—off between north korea and the us is close to spilling into a large—scale conflict. mr putin added it was a mistake to pressure pyongyang into halting its nuclear missile programme. the arab news says muslim anger is growing in asia as violence —— the arab news says muslim anger is growing in asia as violence continues against myanmar‘s rohingya muslim refugees. the paper also reports rohingya communications spokesperson, salah abdulskoor ala ra kani, has criticised

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