tv Asia Business Report BBC News September 5, 2017 1:30am-1:46am BST
for war, after its latest nuclear test. the us ambassador to the un, nikki haley, has called on the world to respond with the strongest possible measures. but china says there must be a return to negotiations. with rohingya muslims continuing to flee to bangladesh, the un's special rapporteur on human rights in myanmar has criticised the country's de facto leader, aung san suu kyi, forfailing to protect them. and this story is trending on bbc.com: the duke and duchess of cambridge have announced they are expecting their third child. the queen and both families are said to be delighted with the news, but the duchess is suffering with severe morning sickness. that's all from me for now. stay with bbc news. and the top story here in the uk: a top manager at security company gas has said he warned his bosses three years ago about the poor culture at an immigration detention centre where ten employees have now been suspended.
a bbc investigation at brook house, near gatwick airport, found a toxic, brutal and failing environment. now on bbc news, all the latest business news live from singapore. global leaders debate whether economic sanctions will be enough to stop pyongyang in its tracks. and it kind takes a tumble after china cracks down on crypto currencies. it isa cracks down on crypto currencies. it is a tuesday, everyone —— bitcoin ta kes a is a tuesday, everyone —— bitcoin takes a tumble. glad you could join us takes a tumble. glad you could join us for this edition of asia business report. i'm rico hizon. we start off with united nations, and the security council is considering tough new sanctions against north korea, as a way to isolate the regime which continues to test nuclear weapons. this comes hours
after president trump tweeted the us may stop trading with any country doing business with north korea. that includes india, russia, pakistan and especially china. let's ta ke pakistan and especially china. let's take a look at the trade between these two economic him it. the us and china, it is worth around 650 billion us dollars, and that 80% of north korea's exports are to china, but will they be enough to stop pyongyang from further missile launchers? well, ispoke pyongyang from further missile launchers? well, i spoke earlier to oui’ launchers? well, i spoke earlier to our asian business adviser. north korea is an ultranationalist, xenophobic regime which cannot be influenced by outside powers, so china cannot tell north korea what to do, but it can cut north korea off and that a collapse, which i am convinced is the only way out of it. china has showed it is not willing to get serious, so i think our only resort would be hard secondary sanctions on chinese entities and
banks enabling north korea's weapons trade. also, if nikki haley is not successful in getting an oil embargo through the un, we should cut us dollar access to any company supplying north korea. but there could be repercussions in terms of us- could be repercussions in terms of us— china trade and business relations, with the chinese retaliating, and this could basically complicate global trade. yes, that is a real concern. but again, ithink yes, that is a real concern. but again, i think china still needs us more than we need them, in terms of trade. and this is another reason that we should not have pulled out of tpp, to give the us trading companies access to china in the case of something like this happening. when it comes down to trade and national security, i think you have to go towards the latter, so you have to go towards the latter, so it is a risk worth taking. we will have to see of that materialises. and some south—east asian countries still do business
with north korea, at our american allies. yes, very unfortunately. you are in singapore, north korea has an embassy in singapore, of all places. it also has several trading companies. malaysia is the same even though north korean agents killed kimjong—nam in though north korean agents killed kim jong—nam in february, though north korean agents killed kimjong—nam in february, they operate with impunity. i hate to bring this up given your own origin but now that india has agreed to cut north korea and trade, the philippines stands a dubious third place in terms of trade with north korea. so i think it is high time we lea n korea. so i think it is high time we lean on our friends and allies and asked them to cut it out. that was my earlier conversation withjohn king. the prices of bitcoin and other crypto currencies have plummeted after china ruled that initial bitcoin offerings are illegal. so what are these restrictions? well, the best way to
describe isos are a cross between crowd funding and initial public offerings for stocks. it is a way for investors to raise money. the thing about isos is they are considered the latest financial fad. there have been more than 100 so far this year. you even have socialites like paris hilton and floyd mayweather promoting them. it has become popular but it remains unregulated, which is why china has taken a very strong step of banning them. and other countries going to follow the lead of china, by banning these isos? that is possible. the us authority, the sec, has said they are looking closely at the sector, they might label digital tokens or coins as securities. a lot of this has to do with valuations. the entire cryptocurrency space is estimated to be worth nearly $200 billion. bitcoin, which makes up
most of that, cross the $5,000 mark for the first time over the weekend. now, these are things that didn't exist ten years ago, and cryptocurrencies are not regulated by any financial central bank, so the concern is that these are a threat to financial stability. that is why china is taking such a strong move to do this. another concern has to do with criminal activity. people worry that criminals will use cryptocurrencies like bitcoin to launder money and fund terrorist activities, and so forth. well, when something is regulated, there are indeed a lot of problems. thank you so indeed a lot of problems. thank you so much for that update on these isos. borrowing and lending money without going through the official banking channel, also known as peer—to—peer lending, is a multibillion dollar industry. china had one of the first such companies to launch in the world, back in 2006, and today it is one of china's largest financial service platforms,
having issued $30 billion in loans to mainland customers. my colleague caught up with the company's chief executive, and asked how business has evolved. they invented china's peer—to—peer marketplace 11 years ago, in 2006, without knowing that the model was also in the uk and in the model was also in the uk and in the us at that time. basically it is helping small businesses, micro— entrepreneurs, and consumers. it is helping them have better access to financing, not only from institutions, but also from individuals. but many peer-to-peer companies like yours have failed. so how do you make it work? it has become an industry, both in china and in the us. it is now a pillar of globalfinancial and in the us. it is now a pillar of global financial technology innovation. it is $1 trillion market opportunity in china. i think the first risk is integrity. whether the
platform is legit. and the regulations have come to china, and going forward, the next decade, we expect that the market will become more stable, more clean. now, you say stable and clean, but nonetheless the chinese government has been cracking down on peer—to—peer companies like yours. how has that affected the industry asa how has that affected the industry as a whole? industry like us, credit ease, and our subsidiary company, will be the biggest beneficiaries as the market becomes more clean. well, moving out to thailand, where beer sales totalled $2 billion last year. because of the country's alcohol law dating back to 1950, two brewing giants dominate 90% of the market but beer lovers in thailand are
looking for something different than the usual choices of singha and chang. 0ur correspondent is looking foran chang. 0ur correspondent is looking for an alternative, brewing across the border in an imac cambodia. —— in cambodia. cheers. craft beer made in cambodia. before we go, a quick look at the markets, with us financial markets closed overnight due to the labour day holiday. not a lot of liquidity in the asian markets, the nikkei and the all 0rdinaries index are flat. goodbye for now. the top stories this hour: the us has accused north korea of begging for war, after its latest nuclear test, urging the world to respond with the strongest possible measures. myanmar is under pressure to end its military crackdown against rohingya muslims. 90,000 have fled the country in the last ten days. britain's tallest bridge,
the queensferry crossing, which traverses the firth of forth, has been formally opened by he queen, accompanied by the duke of edinburgh. the bridge took six years to build, and her majesty paid tribute to those who designed and built it, calling it a breathtaking sight. it is a little over half a century since the queen opened the neighbouring forth road bridge, as our correspondent lorna gordon reports. this newest of bridges across the forth has had plenty of attention since it was completed. today, it was the turn of the queen to meet some of the workers who built it, and see for herself the finished crossing. cheering. there to greet her and the duke of edinburgh, hundreds of local school children, who have grown up watching the new structure stretch out over the water. this is a bridge that celebrates the skills of hand, and heart, and mind. a small group, chosen
from the many thousands involved in this construction, on hand as the queen officially opened the new crossing. then, for the royal visitors, a short drive over the bridge. this reminiscent of an earlier visit by the queen more than half a century ago. when, in front of large crowds, she officially opened the forth road bridge, which sits just to the east. concerns over corroding cables on that older bridge led to the decision to build this new one, which the queen today described as a feat of engineering. the queensferry crossing joins its iconic and historic neighbours, to create not only a breathtaking sight over the firth of forth, but to provide an important link for so many in this community and the surrounding areas. those who live nearby excited to be part of this special day. it was just amazing, like,
seeing the queen come and everything, and all the marching bands. oh, my gosh. it's absolutely amazing that she was here to open it today, and for us as locals, to actually be allowed to be so close to her. i think that was absolutely fantastic. celebrating this occasion from the forth, a flotilla of boats, while above, the red arrows. these now three bridges standing side by side, from the water, land and air, a unique and unmistakable scottish vista. lorna gordon, bbc news, at the queensferry crossing. and of course, that is where the queen was on monday when the news broke to the media that kate, the duchess of cambridge, is expecting her third child. time now for all the sports news, in sport today. hello.
i'm nick marshall—mccormack, and this is sport today live from the bbc sport centre. coming up on the show: world number one, rafael nadal, shows brute force to overpower alexandr dolgopolov. joachim loew‘s loving it. world champions, germany, are set to win their world cup qualification group. and the american wins his fifth tour title! hi there. wherever you are around the world, welcome to sport today. world number one, rafael nadal, made it through to the us open quarter—finals for the seventh time on monday. he defeated ukrainian alexandr dolgopolov. and it was fast too. just one hour and 41 minutes from first serve to match point. the spaniard won 6—2, 6—4, 6—1. the 15—time grand slam champion hasn't made the us open last eight since capturing the 2013 title. he returned to the top world ranking last month for the first