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tv   Asia Business Report  BBC News  September 20, 2017 1:30am-1:46am BST

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killing at least 130 people. many more are feared trapped inside collapsed buildings, some of which have caught fire. the magnitude 7.1 quake struck in the early afternoon as city authorities carried out an earthquake drill. president trump has said the international order is under threat from a small group of rogue nations. addressing the un general assembly, mr trump said he would totally destroy north korea if it threatened america. and this is trending on bbc.com: the us hurricane centre is warning of a potentially catastrophic impact of hurricane maria as it heads towards the british virgin islands and puerto rico. the category five storm has intensified, with winds now reaching 260 kilometres an hour. that's all from me for now. stay with bbc news. and the top story here in the uk: police have arrested a third suspect in connection with the bomb that partially exploded on a train at parsons green station in london, injuring 30 people. now on bbc news all the latest
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business news live from singapore. us president donald trump's tough warning to north korea battles world leaders, but is it business as usual for global companies? tata steel and germany's thussen group moved closer toa germany's thussen group moved closer to a merger that could create the second—biggest steel group. good morning, asia. hello, world. welcome to asia business report. i'm rico hizon. us president donald trump does not mince his words. in his first ever speech to the un general assembly, he threatened to "totally destroy
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north korea if need be. " he also called iran and authoritarian regime and said the 2015 nuclear disarmament deal was one of the worst and one—sided transaction is the us has ever entered into. earlier we werejoined by the us has ever entered into. earlier we were joined by a member from the militant institute has said the ramifications from the speech are likely to be negative. it was interesting when i watched the speech, that wasn't my takeaway. what came across was a pragmatic american president. clearly he wants to do what is right for the american people, just like every country's leaders. what it means in terms of existing trade deals is clearly this administration is going to look at it and see if he should be adjusted. with all of the negotiations both sides have to come together. what if the us doesn't get what it wants? could it totally pullout from nafta and the ca reer— could it totally pullout from nafta and the career— us free trade agreement? with all of these
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agreements it is an option —— korea—us. that is not what i think will happen. these things will be adjusted. it is appropriate and fair with trade deals around a while for them to be revisited. remember what them to be revisited. remember what the president said today to the un general assembly? it is about outcomes, it is not about the process , outcomes, it is not about the process, it is really about the result. why do we have trade deals? to grow trade. it really should be to the benefit of each nation's citizens and that is what the president made clear and that's what he wants to look at. is he trying to put upa he wants to look at. is he trying to put up a protectionist wall? in order to pursue his america first policy. in my perspective, that is not the case. that is the interpretation of what he is doing. let's not underestimate the ability ofa let's not underestimate the ability of a very pragmatic president to get things done. i was shocked this last week or two when the president came under criticism for speaking with nancy pelosi to try to get something
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done. as the president moves forward , done. as the president moves forward, there will be adjustments, clearly there will also be changes in negotiations on all sides. since he became president, we have seen record after record after record on wall street. that is because of the promise of morejobs, tax reform and infrastructure spending. when will this become a reality? clearly the reality already is record after record on wall street. the markets are speaking. even after what we have seen with some of the controversial un general assembly address, markets that —— keep records again. your question is the right one, let's look at the result. if we look at the rest of the calendar year i hope there is movement forward on tax reform, on infrastructure. clearly that is going to take all sides to come together. tata steel and german steel manufacturer thyssenkrupp have agreed to the first stage of a deal to merge. the merger between the
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companies would create europe's biggest —— second—biggest ill group. we arejoined by biggest —— second—biggest ill group. we are joined by sharanjit leyl in the newsroom —— steel group.. we are joined by sharanjit leyl in the newsroom -- steel group.. they have agreed to the first stage of a deal to merge us. bbc has been reporting this widely and this comes out after a year of negotiations. in fa ct, out after a year of negotiations. in fact, a year since tata steel withdrew from its plan to exit the uk operations entirely, including its operations at port talbot, which is the largest uk steelmaker. and we we re is the largest uk steelmaker. and we were told the real sticking point was the pension liabilities that tata steel had, some £15 billion, thatis tata steel had, some £15 billion, that is nearly $20 billion us pension liabilities, and what they had done was essentially reach a deal with uk regulators in august to restructure that 130,000 member
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pension plan that they had. so we are told as well that since then the negotiations have been going very smoothly between these two companies. now, what's going to happen next is the turnout was —— the two will sign a memorandum of understanding, so that might affect the share prices of both companies. this will create the largest european steelmaker. why is this? this is due to the overcapacity in the industry. there is way too much steel being produced. and of course companies like thyssenkrupp as well are looking to diversify away from steel to more lucrative things like building elevator is and components for industry as well. there is lots of concern among the unions. there
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is concern ofjob losses as well if thyssenkrupp exits the steelmaking industry entirely. thank you for the update on the potential merger. sharanjit leyl in the newsroom. in other news making headlines, shares of us mobile operators t mobile and sprint have speculation they are holding talks again. they are weeks from finalising a deal. analysts expect consolidation to challenge market leaders at&t and horizon. and an earlier merger was abandoned because of us anti—trust concerns. toys " r" because of us anti—trust concerns. toys "r" us asian stores are reassuring shoppers they won't be affected by the us company decision to file for bankruptcy protection here in asia. the toy giant is a separate company jointly owned here in asia. the toy giant is a separate companyjointly owned by toys " r" separate companyjointly owned by toys "r" us and hong kong's fong
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retailing. thisjoint venture operates 226 stores throughout the greater china region and southeast asia and licenses an additional 36 in the philippines and in macau. in japan alone, toys "r" us has 161 stores. although sales at the stores have been rising, online sales and large debts have forced the us company to file for bankruptcy. the us state of massachusetts is suing equifax over the data breach which exposed the information of 143 million people, around half the us population. and the fallout is still spreading. equifax said the breach may also affect 100,000 canadians. this is said to be an extensive lesson for equifax. the average cost of the single data breach an ounce to $3.6 million according to a study
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by ibm. earlier i asked a member of carbon black whether the equifax hacking puts other leaders of business under pressure to invest in the latest technology. when we consider the equifax breach we need to look at it through two different lenses and the first is from the classic criminal mindset. using organised crime. when you talk about the data stolen from equifax, the motivation is very clear. the data was highly sensitive and highly valuable. is it possible that equifax did not invest substantial amounts on cyber security, that's why it happened? it is hard to armchair quarterback their investment. i am armchair quarterback their investment. iam not armchair quarterback their investment. i am not familiar with that. the trend we have seen overall is attack takos are using more sophisticated techniques. and when you are asjuicy sophisticated techniques. and when you are as juicy a target as equifax it is worth noting that you have a lot of people coming after you. how could it have been avoided? when you look at classic it hygiene and
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understanding the mindset of the current attackers, we are seeing a move towards more sophisticated attacks being available to a larger audience of attackers, so really be mindful that these advanced techniques are much more available than they used to be as a first step in the battle in this. this has basically put more pressure now on business leaders to invest more in cyber security? that is correct, yeah. we continue to see with the value of the data that companies house, and that they really need to be focused on defending these attacks especially when the data they are defending is so valuable. but with profit margins shrinking oui’ but with profit margins shrinking our worldwide, our —— are companies, the big ones, cutting back on cyber security budgets? we see an increase in cyber security spending. this statistic is cited, it would be larger given the magnitude. when you
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look at the risk reward, versus cleaning a breach of this magnitude, which we see an increase then in investment. the worlds largest sovereign wealth funds are getting bigger —— the world's largest sovereign wealth funds are getting bigger and that belongs to oil and gas rich in norway, which hit $1 trillion for the first time on tuesday to — a significant milestone given most sovereign wealth funds are under pressure. norway's central bank which runs the fund says the gains we re which runs the fund says the gains were because of strong growth in stocks and a weak us dollar. thank you so much for in investing your time with us. i'm rico hizon. see you in the next hour. goodbye for 110w. the top stories this hour: at least 130 people have been killed after a powerful earthquake struck central mexico. the 7.1 magnitude quake brought down dozens of buildings. many are feared to be trapped in the ruins. some people have been found alive, but, as the frantic search for survivors gather pace, officials warn the death toll may rise. in his first speech
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to the liberal democrat conference as leader, sir vince cable has said he is proud to describe himself as a brexit saboteur. 0ur political correspondent vicky young reports from bournemouth. after two dismal election results, the liberal democrats need a revamp. vince cable's not exactly a fresh face on the political scene, but the 74—year—old says this is the time for grown—ups in all parties to join forces and prevent brexit becoming a disaster. his promise, a referendum once negotiations with the eu have finished. this is not a call for a rerun. it is not a call for a second referendum on brexit. this is a call for a first referendum on the facts. the lib dems should lead the fight against brexit, he said. but we should not be consumed by brexit to the exclusion of everything else.
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we're not a single—issue party, we're not ukip in reverse. he said returning to government was his aim. and my role as your leader is to be a credible potential prime minister. applause sir vince called for major public spending on infrastructure, a penny rise in income tax to fund the health service, and government—backed house—building to help young people onto the property ladder. we've got to end the stranglehold of oligarchs and speculators in our housing market. i want to see fierce tax penalties on the acquisition of property for investment purposes by overseas residents. at the last election, opposing brexit didn't attract voters in the way the liberal democrats had hoped. in this speech today, vince cable's trying to show that he's prepared to grapple with the broader issues facing
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the country, and he hopes that his past experience in government will add credibility to that message. vince cable is sounding ambitious — what do lib dem members make of it? vince cable says he could be the next prime minister — it's not going to happen, is it? not with that attitude, i don't think so. i think absolutely going forward he could be, and i think we all truly believe in liberal values and that's exactly why here. macron became president, 50, you know, anything can happen. are things volatile enough to get vince cable into number ten? why not? why not indeed. now this veteran politician must show that he can deliver results. that is it for now. mike embley is here with the headlines at 2am. more on the earthquake in mexico where130 people have died. time now for all the sports news in sport today. hello. i am tulsen tollett and mr
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sport today, like the bbc sport centre. coming up on the programme: —— this is sport. —— live from the. lionel messi scores four as barcelona move five points clear at the top of the spanish league jonny bairstow leads england to a seven wicket victory over west indies in the first one day international at old trafford with an unbeaten century. and find out why one of english football's most successful players hello and welcome to the programme. we start with the news that four goals from lionel messi giving him his 43rd career hat—trick, saw barcelona move five points clear at the top of the spanish primera division after they scored a convincing 6—1 win over eibar. a first half penalty was added to with three second half goals paulinho and denis suarez also found the net at camp nou, while valencia scored five moving them up to third,

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